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MassHousing Provides $26M to Transform 177-Year-Old Mill into Low Carbon, High Energy Efficient Community
MassHousing has closed on $25.9 million in affordable housing financing to WinnCompanies for the redevelopment of the Stone Mill in Lawrence, MA into 86 units of new, highly efficient rental housing.
The 177-year-old Stone Mill property will become the state’s first all-electric housing development and is being built with energy efficiency measures that will lower the building’s carbon footprint. The property, which is located steps from the city’s transit center, will serve residents across a range of incomes.
MassHousing is providing WinnCompanies with a $4.6 million tax-exempt permanent mortgage, $20.4 million in bridge loan financing, and $900,000 in Capital Magnet Fund Financing.
The project received a $2.9-million Merrimack Valley Renewal Fund grant from the Massachusetts Department of Energy Resources and the Office of the Attorney General as part of the state’s settlement with Columbia Gas. The Merrimack Valley Renewal Fund was established following the 2018 natural gas explosions in Lawrence and other Merrimack Valley communities.
- ◦Development
