Multi Residential

$21M in Financing Issued for Mixed-Income and Workforce Housing Community in Shrewsbury

Shrewsbury, MA – MassHousing will provide approximately $21 million in affordable housing financing to WinnCompanies for the development of The Pointe at Hills Farm, which will feature 93 new apartment homes for residents with a range of incomes in Shrewsbury.

The new apartment homes will be constructed in two 3-story buildings on a partially vacant parcel at 526 Hartford Turnpike, in proximity to state Routes 140 and 9, Interstate Routes 90 and 290, and two miles from an MBTA Commuter Rail Station.

The Pointe at Hills Farm

MassHousing is providing WinnCompanies with $10.3 million in permanent financing, $7.9 million in tax credit equity bridge loan financing, and $2.8 million from the agency’s Workforce Housing Initiative.

Other project financing includes a total of $28 million in state and federal Low-Income Housing Tax Credit (LIHTC) equity. The tax credits were allocated by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) and tax credit equity will be provided by Bank of America. Bank of America is also providing approximately $31 million in construction financing. EOHLC is providing approximately $3 million in direct support as well as $7 million in American Rescue Plan Act (ARPA) financing. The project is also receiving $4.1 million in ARPA financing through the Affordable Housing Trust Fund, which MassHousing  manages on behalf of EOHLC, and $265,000 in financing from the Community Economic Development Corporation (CEDAC).

One of the new buildings will contain 63 new apartment homes and the other will have 30. Residents of both buildings will have access to the amenities at the 63-unit building, which will include a club lounge with a community kitchen, work and gathering space, a conference room, fitness center, two work-from-home rooms, a package room, mail area, and an onsite management office. There will also be outdoor amenity space connecting the buildings with an outdoor kitchen/family area with grills, a lawn space for activities, a fire pit, walking trails, a tot lot, and a dog park.

Of the 93 apartments, 13 will be restricted to households earning up to 30% of the Area Median Income (AMI) and will be supported by state MRVP (5) and federal Section 8 (8) housing vouchers; 43 apartments will be restricted to households earning up to 60% of AMI. There will be 21 workforce apartments for households earning up to 110% of AMI and 16 apartments will be unrestricted.

The development will feature three studio apartments, 44 one-bedroom apartments, 36 two-bedroom apartments, and 10 three-bedroom apartments. Construction is expected to be completed in 18 months.

The general contractor will be Dellbrook JKS, the architect is Cube 3 Architects, and the property manager will be WinnCompanies.