MINCO Secures $31M to Start Passive House Multifam in Newburyport
Rockland Trust and Newburyport Bank have provided a $30.6-million loan to MINCO Development Corporation for the construction of an energy-efficient Passive Housing residential development in Newburyport, MA.
Newburyport Crossing at Three Boston Way will be one of the few Passive House multifamily projects designated in the Northeast, which means that the building itself is certified to deliver significantly less energy for space conditioning and over 60% less energy overall by leveraging natural light and highly efficient HVAC systems.
Three Boston Way will consist of 84 multifamily units with an underground parking garage. Twenty-five percent of the units are designated for affordable Chapter 40R “Smart Growth” housing.
MINCO began a collaboration with the City of Newburyport over 10 years ago to develop a Smart Growth overlay district adjacent to the Newburyport MBTA station with the intent to create a neighborhood with distinctive, attractive and compact designs to provide a strong sense of community.
- ◦Development
- ◦Financing
