Boston – MassHousing has closed on $26.9 million in affordable housing financing to Trinity Financial to support the first phase of the redevelopment of the Marriner Mill complex in Lawrence.
The $46.8 million mixed-income project will repurpose a former industrial building into 87 new apartment homes, including 21 workforce housing units, and advance the city’s redevelopment of the 34-acre Arlington Mills Smart Growth Overlay District. MassHousing is providing Trinity Financial with a $2.3 million permanent loan, $22.5 million in bridge loan financing, and $2.1 million in funding from the Agency’s Workforce Housing Initiative.
Of the 87 units, 17 will be restricted to lower-income households earning at or below 30% of the Area Median Income (AMI), 49 units will be affordable to households earning at or below 60% of AMI, and 21 apartments will be workforce housing units for households earning up to 80% of AMI. The AMI for Lawrence is $105,400 for a household of four. There will be 27 one-bedroom apartments, 40 two-bedroom apartments, and 20 three-bedroom apartments. There will also be a community room/lounge, an indoor kids’ play space and a fitness center.
Trinity’s project will include the replacement of all existing windows with new, energy-efficient. The interior will be restored to reveal the original structural columns and beams, and the building’s existing masonry façade will be repointed and repaired. All the building’s water, sewer, electrical and HVAC infrastructure will be replaced, and a solar panel will be added.
The general contractor will be Aberthaw Construction Company. The architect is ICON Architecture, and the management agent will be Trinity Management LLC. Construction is expected to be completed in the summer of 2023.