$9M Puts Final Piece in Place for Wareham Affordable Community
MassHousing has closed on $8.5 million in affordable housing financing to Dakota Partners, Inc., to support the final phase of development of the Woodland Cove housing community in Wareham, MA.
The MassHousing financing for Woodland Cove Phase 2 will allow Dakota Partners to demolish the former Starlight Motel and create 63 new affordable rental homes, including seven workforce housing units.
Overall, Dakota Partners is creating 150 new mixed-income apartments at the eight-acre site on Cranberry Highway. Phases 1 and 3 of the development are under construction.
For Phase 2, MassHousing is providing Dakota Properties with a $7.8-million permanent loan and $700,000 from the agency’s Workforce Housing Initiative. Other financing sources include $11 million fin Low Income Housing Tax Credits, $1 million from the Affordable Housing Trust Fund and approximately $2 million in direct support from DHCD.
MassHousing provided a total of $9 million in financing to Dakota Partners to support the development of Phase 1 of Woodland Cove, and $6.5 million in financing for the development of Phase 3.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.