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MassHousing Provides $36M Financing for Worcester MF Redev
MassHousing has provided $35.8 million in financing to developer Trinity Financial for a redevelopment project in Worcester that will see a former courthouse converted into a 117-unit multifamily community. The courthouse was originally built in 1845. The financing package included a $12.2 million tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative.
Approximately 35% of the new units at the community will be designated as workforce housing residences. Floor plans will consist of 23 studios, 52 one-bedrooms, 31 two-bedrooms, and 11 three-bedroom units.
“The transformation of the vacant former Worcester Courthouse into a new, inclusive housing community will be a major building block in downtown Worcester’s renaissance,” said MassHousing Executive Director Chrystal Kornegay. “Trinity Financial had a compelling vision for this property, transforming an historic structure into new homes for families of all means, from extremely low-income families, to workforce housing and market-rate households.”
For comments, questions or concerns, please contact David Cohen
- ◦Development
