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MassHousing Provides $49M for MF Community in Peabody
MassHousing provided $49.3 million in financing for The Tannery, a 284-unit affordable housing community in Peabody. The financing will preserve affordability for lower-income households at the community for at least 45 years. WinnCompanies acquired the property through Chapter 40T, a state law designed to help prevent affordable housing from being sold and converted to market-rate rents.
Terms of the financing included a $28.3 million construction and permanent mortgage, $17 million in bridge loan financing, and $4 million in Section 13A preservation and tenant protection financing. Additionally, the Massachusetts Department of Housing and Community Development provided $9 million in Section 13A specific financing. Additional financing sources included $1.7 million from the City of Peabody.
The Tannery was built in the late 1800s as an industrial leather tanning complex, and was home to the former AC Lawrence Tannery. The property was converted to housing in the 1970s, and originally financed by MassHousing through the Section 13A program. Of the 284 apartments, 116 apartments will be affordable for households earning at or below 60% of the Area Median Income (AMI), 35 will be affordable for households earning at or below 80% of AMI, and 49 will be rented at market rates.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
