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Boston & New England  + Metro Boston  + Finance  |  November 15, 2019
David Cohen
By: David Cohen

MassHousing Provides $15M for Affordable Housing Community in Leominster

MassHousing has provided a total of $15 million in affordable housing financing to an affiliate of Farragut Investments Inc. for property improvements at Whitney Carriage Park apartments in Leominster. As part of the MassHousing financing, the affordability of the 45 affordable rental homes at Whitney Carriage Park will be preserved in perpetuity.

Located at 124 Water St., Whitney Carriage Park is a former baby carriage mill complex that was originally built in the 1800s and converted to rental housing in 1987. The property now contains 181 mixed-income apartments across nine former mill buildings and two townhomes.

MassHousing is providing a $10.9 million taxable permanent mortgage, as well as a $4.1 million capital needs loan. Farragut will utilize the MassHousing financing to make repairs at the property, including replacing historic windows, repairing roofs and exterior masonry, upgrading units and common areas, upgrading sprinkler and HVAC systems, and performing elevator, accessibility and security system maintenance work.

For comments, questions or concerns, please contact David Cohen

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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.
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