Boston & New England + Boston + Finance | July 26, 2019

MassHousing Provides $11M Financing for East Boston Resi Developments

MassHousing has provided a total of $11.2 million in affordable housing financing to WinnCompanies for the development of 22 new rental housing units and 30 new condominium units on the East Boston waterfront.

The two projects, called Clippership Apartments and Clippership Condominiums, involve the redevelopment of a portion of the Boston Housing Authority’s Heritage Apartments public housing community. WinnCompanies will demolish four former Heritage Apartments buildings, which contain 20 units of family public housing, and construct 22 units of replacement affordable rental housing in the Clippership Apartments. The redevelopment also includes the construction of a 30-unit mixed-income condominium building.

MassHousing provided WinnCompanies with a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the 22-unit Clippership Apartments. The agency also provided $1 million from its Workforce Housing Initiative to support the creation of 14 middle-income condominium units.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.