Energy-Efficient Cohousing Receives Financing

Northampton, MA – MassDevelopment has partnered with Greenfield Savings Bank to provide Sunwood Builders, Inc. and Sunwood Development Corporation with loan financing for Village Hill Cohousing (VHC), an energy-efficient cohousing community under construction at Village Hill Northampton.

Village Hill Cohousing broke ground in late 2018, and, once completed, will include a common house and 28 individual homes. Greenfield Savings Bank provided a $1.5 million loan, which MassDevelopment enhanced with a guarantee, to fund infrastructure needs at the site. In addition, Greenfield Savings Bank provided another $2 million loan to fund construction costs.

Village Hill Northampton is a 126-acre master-planned community based on New Urbanist principles. It combines commercial, R&D/light industrial, and residential uses with open space to support regional job creation, housing, business development, and recreation.

MassDevelopment is the project’s managing partner overseeing the development effort. When build-out is complete, the former state hospital site will feature approximately 300,000sf of commercial space comprised of retail, office, and light industrial uses; 337 residential units including market-rate homes and affordable homes and rental units; and open space.

The community will include a combination of single-family and duplex homes ranging in size from 1,250sf to 2,200sf. An over 4,000sf common house, available to all residents, will include a commercial kitchen, meeting space, children’s playroom, guest rooms, and more.