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WinnCompanies has completed the $49-million rehab and 45-year affordability extension of apartments built in a former leather tannery in Peabody, MA.

WinnCompanies Finishes $49M Rehab of Affordable Multifam in Peabody’s 1900s Tannery

WinnCompanies has completed a $49.3-million rehabilitation project to repair and modernize The Tannery, a 284-unit affordable housing community in Peabody, MA.

The four-building community, now named Preserve North, is built in a historic former leather tannery that helped make Peabody a worldwide hub for leather manufacturing in the early 1900s. The property included a decaying 225-foot brick chimney that was taken down to 15 feet and converted into a memorial.

Preserve North began in the fall of 2018 when Massachusetts housing officials asked WinnCompanies to try to acquire the four-building complex to prevent it from being sold to a market rate developer with deed-restricted affordability protections expiring.

With financing from MassHousing, WinnCompanies was able to purchase the site in July 2019 in a transaction that extended the community’s affordability provisions for a minimum of 45 years.

Thirty-five apartments are restricted to households earning less than 30% AMI, 165 are for at or below 60% AMI and 35 are for below 80% AMI.


Inside The Story


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.

  • ◦Sale/Acquisition
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