Image courtesy of Arrowstreet

What: Newburyport Crossing Phase III
Where: 1 Boston Way, Newburyport
Owner: MINCO
Built: 2026-2028

A $6.5 million equity award from the state Momentum Fund enabled MINCO Development Corp. to obtain construction financing from Rockland Trust Co. for the third phase of its mixed-income Newburyport Crossing project.

MassHousing, which manages the Momentum Fund, is partnering with Berkadia and Freddie Mac to provide permanent financing for the project.

The third phase includes a 4-story building with 92 apartments. Two previous phases totaled 160 apartments.

They Said It:

“MassHousing’s commitment to assist MINCO in funding the third phase of Newburyport Crossing has been transformative. Their participation has allowed us to overcome construction challenges and costs, enabling and providing much needed affordable housing to the Newburyport community.”
— Louis P. Minicucci Jr., president, MINCO