The Tannery
Boston – MassHousing has closed on $49.3 million in affordable housing financing to WinnCompanies to preserve affordability for lower-income households at The Tannery in Peabody.
WinnCompanies purchased the 284-unit affordable housing community under Chapter 40T, preventing the conversion of affordable apartments to market rates and protecting the tenancies of dozens of low-income residents.
The MassHousing financing will enable the Boston-based WinnCompanies to preserve affordability at The Tannery for at least 45 years. The transaction will also result in substantial rehabilitation to the property.
MassHousing is providing the WinnCompanies with a $28.3 million construction and permanent mortgage, $17 million in bridge loan financing, and $4 million in Section 13A preservation and tenant protection financing.
Of the 284 apartments, 84 will be subsidized through the Massachusetts Rental Voucher Program, 116 apartments will be affordable for households earning at or below 60% of the Area Median Income (AMI), 35 apartments will be affordable for households earning at or below 80% of AMI, and 49 apartments will be rented at market rates. The AMI for Peabody is $113,300 for a family of four.
There are 20 studio apartments, 234 one-bedroom apartments and 30 two-bedroom apartments contained in three residential buildings, including a seven-story building on Crowninshield Street in downtown Peabody. The community is being managed by WinnResidential, the nation’s largest operator of affordable housing.
The transaction resolved the expired Section 13A affordable financing on 235 units at The Tannery, creating residency protection for the existing 13A legacy tenants.
