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The former Court Square Hotel in Springfield, MA is being converted into a 74-unit mixed income residential community.

Partnership Provides $49M to Transform 1892 Springfield Hotel into Multifamily

The City of Springfield, MA; MassHousing; MassMutual; MGM Springfield; WinnDevelopment and Opal Real Estate have closed $48.5 million in joint construction financing and the conveyance of 31 Elm Street in downtown Springfield, MA. New owners WinnDevelopment and Opal Real Estate will transform the former Court Square Hotel into 74 new mixed-income rental homes. 

When complete, the redevelopment will fully restore the 1892-constructed property, preserving historic details while adding modern building systems and creating 74 new mixed-income apartments, 12,000 square feet of commercially active ground floor space, a 200-seat restaurant, a gym and community space. The units will be comprised of 59 market-rate units and 15 workforce housing units, which will be affordable to households making up to 80% of the AMI.

Additional funding sources include $10.8 million in federal and state historic tax credit equity and a deferred developer fee. Bank of America is providing a total of $12.2 million in construction, bridge and permanent financing. The City of Springfield and the Springfield Redevelopment Authority completed $4 million in environmental remediation work prior to conveyance.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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