Winncos., Westmass Open 95-unit Mixed-income Seniors Housing Community In Ludlow, Massachusetts

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1. 

Residences at the property include 27 one-bedroom apartments, 59 one-bedroom units with dens, five two-bedroom apartments and four two-bedroom apartments with dens. Amenities at the community include on-site laundry facilities, a fitness room, resident lounge and outdoor recreation areas. Westmass will also develop and lease 48,000 square feet of commercial space on the first floor of the building.  

Westmass, which owns the 170-acre former mill complex, also developed Residences at Mill 10, another mixed-income seniors housing community, at the complex in 2017. 

Financing for the project included a construction loan from Bank of America, which purchased the federal low-income housing tax credits (LIHTC) and federal historic tax credits for the development. (The U.S. National Park Services and Massachusetts Historical Commission provided federal and state historic tax credits.) Additionally, the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) provided financing through its American Rescue Plan, HOME and Housing Stabilization funds. 

The Massachusetts Housing Partnership (MHP) provided a permanent mortgage, with additional financing coming from Mass Housing in the form of Affordable Housing Trust funds. The project also received a loan from the Community Economic Development Assistance Corp. (CEDAC), and BlueHub Capital provided a loan for the state LIHTC and state historic tax credits, backed by equity from Bank of America. 

The project team included general contractor Dellbrook Construction, architect The Architectural Team, civil engineer Vanasse Hangen Brustlin and legal counsel Robinson + Cole. The Public Archaeology Laboratory served as historic consultant. 

The post WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts appeared first on Seniors Housing Business.