Image courtesy of ICON Architecture

An enclosed sky bridge will link two parcels in Lowell’s Hamilton Canal Innovation District as part of a 125-unit workforce housing development by Boston-based WinnCompanies.

The design reflects similar connections between mill buildings in the downtown area, where two-five story buildings will be constructed on the vacant 1.1-acre site known as parcels 8 and 9 in the master-planned redevelopment district. Completion is scheduled for early 2022.

The project received $38.3 million in financing. Bank of America provided the construction loan and equity was generated by BofA’s purchase of low-income housing tax credits.

MassHousing provided a first mortgage and workforce housing funds. Other financing sources included the state Department of Housing & Community Development, Community Economic Development Assistance Corp., Massachusetts Clean Energy Center and Mass Save, and WinnCompanies equity and Opportunity Zone investment.

The city of Lowell contributed HOME program funds, exemptions under the Urban Center Housing Tax Increment Financing and infrastructure upgrades.

Sustainability features include high-efficiency air source heat pumps, high performance building envelope details and ventilation systems with energy recovery.

WinnCompanies owns four existing developments in Lowell containing 572 apartments and condos.

Project team members included WinnDevelopment Senior Vice President Adam Stein, Keith Construction, ICON Architecture, Copley Wolff Design Group, interior designer Wolf in Sheep Design, VHB and structural engineer Odeh Engineers. Deirdre Robinson, a partner at Sullivan & Worcester, serves as legal counsel for the project.

Lowell Mixed-Income Housing Project Gets $38M Loan

by Banker & Tradesman time to read: 1 min
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