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Boston & New England  + New England  + Senior Housing  |  January 16, 2026
Paul Bubny
By: Paul Bubny

Affordable Seniors Housing Launches Construction in Freeport, ME

WNC & Associates, investor CVS Health and co-developers Freeport Housing Trust and Best Apartments, Inc. have begun construction on Varney Heights, a 42-unit affordable seniors housing community in Freeport, ME. Construction on the 16-million project is expected to be completed in September.

“Varney Heights represents an important investment in Freeport’s future, especially for the older adults who have helped shape this community,” said Matt Peters, executive director at Freeport Housing Trust.

Located on Varney Road in Freeport, the development will be financed through a combination of public and private funding sources. Bath Savings Bank will provide a $12.2-million construction loan. MaineHousing will provide a permanent loan along with two soft financing loans and Freeport Housing Trust will provide a soft loan to the project as well. Finally, WNC in partnership with CVS Health will furnish $8.7 million in equity through the Low-Income Housing Tax Credit Program.

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WNC & Associates

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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