Haverhill, MA – MassDevelopment has partnered with Newburyport Bank to provide $3,153,510 in loan financing to 45 Wingate Street LLC, led by developer Ted Ammon, to renovate a historic 5-story building located at 45-51 Wingate St. in Haverhill by adding 15 apartments on the vacant upper three floors.
Built in 1900, the property features several active retail units on the first floor, including Irish bar and restaurant The Peddler’s Daughter and Shoe City Urban Bistro, which will remain onsite. The building’s upper floors, which were previously comprised of office space, have been mostly vacant for more than 10 years. The developer plans to construct nine studio units and six one-bedroom units. Twelve units will be rented at market rate. Three units will be designated affordable, using HOME funds from the City of Haverhill, and will be rented to households earning up to 60% of area median income (AMI).
Newburyport Bank provided a $1,386,000 construction-to-permanent real estate loan, while MassDevelopment provided a $1,386,000 construction-to-permanent real estate loan and a $381,510 bridge loan. MassDevelopment also enhanced the financing with a mortgage guarantee.
“Haverhill has done a great job of making its downtown a destination for eating and access to the Merrimack River for recreation and community activities,” said MassDevelopment president and CEO Dan Rivera. “By adding much-needed housing on underutilized upper floors, the city is bringing it to the next level by maximizing the mixed-use potential of longstanding buildings.”
“This is one of the last buildings in downtown Haverhill to be redeveloped since we began the downtown renaissance 20 years ago,” said Haverhill Mayor James J. Fiorentini. “For many years people thought these old, under-used buildings were undevelopable because they lacked elevators and parking so they stayed vacant for far too long. We started in the early 2000s by changing zoning and parking rules, but the real key to this project was construction of the nearby MVRTA parking garage, which will provide parking for these future residents. We thank MassDevelopment and CEO Dan Rivera for supporting this exciting project and we thank developer Ted Ammon for his commitment and belief in downtown Haverhill.”