Boston – MassHousing has provided a total of $15 million in affordable housing financing to an affiliate of Farragut Investments Inc., to undertake substantial property improvements at the 181-unit Whitney Carriage Park apartments in Leominster.
The property contains 181 mixed-income apartments across nine former mill buildings and two townhomes. As part of the MassHousing financing, the affordability of the 45 affordable rental homes at Whitney Carriage Park will be preserved in perpetuity.
MassHousing is providing the property’s owner, an affiliate of Farragut Investments, with a $10.9 million taxable permanent mortgage, as well as a $4.1 million capital needs loan. Farragut will utilize the MassHousing financing to make critical repairs at the property, including replacing historic windows, repairing roofs and exterior masonry, upgrading units and common areas, upgrading sprinkler and HVAC systems, and performing elevator, accessibility and security system maintenance work. The MassHousing financing will also ensure that the property’s replacement reserves are well-capitalized.
Thirty-seven units at the property are affordable to households earning at or below 50% of the Area Median Income (AMI) and eight units are affordable to households earning at or below 80% of AMI. The AMI for Leominster is $85,800 for a household of four. The remaining 136 apartments at Whitney Carriage Park are rented at market rates.
Whitney Carriage Park is located at 124 Water Street in Leominster, and contains 13 one-bedroom apartments, 135 two-bedroom apartments and 33 three-bedroom apartments, 28 of which are townhomes. The property is managed by Peabody Properties.