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Boston & New England  + Massachusetts  + Apartments  |  June 15, 2023
Emily Fu
By: Emily Fu

MassDevelopment, Newburyport Bank Provide $3M for Haverhill Historic Building 

MassDevelopment has partnered with Newburyport Bank to provide $3.1 million in financing to renovate a historic five-story building in Haverhill, Massachusetts. 

Located at 45-51 Wingate St, the five-story building will undergo renovations to add 15 apartments on the upper three vacant floors while retaining the active retail units on the first floor. The developer plans to construct nine studio units and six one-bedroom units, with 12 units rented at market rate and three units designated as affordable housing. Three units will be designated affordable, using HOME funds from the City of Haverhill, and will be rented to households earning up to 60% of area median income. 

Newburyport Bank and MassDevelopment provided construction-to-permanent real estate loans, with MassDevelopment also offering a bridge loan and mortgage guarantee.  

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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