Two apartment building projects that will bring about 60 affordable housing units to Winchester have received financing from Cambridge Savings Bank.
Cambridge Savings Bank has provided $84.5 million in construction loans to Needham-based Strategic Land Ventures to finance Winchester apartment communities on Cambridge and River streets, the bank said in a statement.
Combined the two projects will add 143 rental units in Winchester, according to SLV’s website. The buildings will have market-rate options, and 61 apartments will be designated as affordable housing units, 25 percent of the total.
“Our partners at Cambridge Savings Bank have been the perfect consultants for this project given their intimate awareness of the apartment construction process and experience in affordable housing development,” Geoff Engler, SLV’s managing partner, said in the statement. “We look forward to partnering with them as we continue to bring exciting mixed-income housing options to the Boston market.”
SLV has completed or started construction on six mixed-income housing projects over the past year, the statement said.
“With housing advocates believing that Massachusetts needs to build nearly 200,000 units over the next decade to stabilize rent and home prices, our Bank is committed to working with partners like SLV who also recognize that need,” Kevin Teller, Cambridge Savings Bank’s senior vice president and commercial real estate officer, said in the statement. “Supporting 40B projects to promote responsible housing growth in our communities is an honor and a privilege, and we’re thrilled to partner with an organization like SLV that works hard to identify opportunities for people facing housing challenges.”
The bank said it could work with SLV on similar projects in the future, noting “a shared mission to offer housing opportunities and support to underserved communities in the Boston area.”
Cambridge Savings Bank also recently provided financing for another apartment building with a mix of market rate and affordable units, the statement said. The bank provided The Michaels Organization with a $61.7 million loan to support the construction of a Dorchester apartment building.