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MassHousing completes final $14 million financing for Swampscott project
The Westcott is a 114-unit development on a former industrial site, with $69.1 million in total development cost and permanent financing completing the final piece of funding.
MassHousing has closed on the final financing for The Westcott, a 114-unit affordable housing development in Swampscott, Massachusetts. ConnectCRE reports the project was developed by WinnCompanies on a former industrial site after approval by the Town of Swampscott.
ConnectCRE said the $14 million in permanent financing completes the last funding component of a $69.1-million development. The deal was completed using two transactions that involve 4% and 9% Low Income Housing Tax Credits.
In addition to the permanent financing, MassHousing provided $12.2 million in tax credit bridge financing and $2.2 million in workforce housing financing. Other sources of funding included $37.5 million in federal and state LIHTCs, $38.7 million in construction financing from Bank of America, and America Rescue Plan Act financing of $7 million through the Massachusetts Executive Office of Housing and Livable Communities, plus $3 million more through the Affordable Housing Trust Fund.
ConnectCRE also noted that the MBTA provided an easement for the creation of additional resident parking as part of the development.