Boston – MassHousing has closed on $41.2 in affordable housing financing to Landmark Properties, Inc., for the newly constructed, 150-unit, North 116 Flats in Sunderland.
Located three miles north of the University of Massachusetts at Amherst, North 116 Flats was developed under the state’s comprehensive permit law, Chapter 40B. North 116 Flats offers 38 family apartments affordable to households earning at or below 80% of the Area Median Income (AMI). The remaining 112 apartments, which are furnished and contain 329 beds, are marketed to area students and are rented at market rates on a per bed basis. The AMI for Sunderland is $82,900 for a household of four.
The residential community contains five, 3-story garden-style buildings and includes 30 one-bedroom, 90 two-bedroom, and 30 three-bedroom apartments. There is also a community building with common, entertainment, fitness, and study areas, as well as outdoor green-space, dog parks, grilling stations, and fire pits.
MassHousing provided Landmark Properties with a $41.2 million taxable permanent loan. The general contractor was Western Builders. The architect wasStuart I. Roosth and the management agent is Landmark Management Ventures.