MassHousing announced $18 million in loan closings for the Voke Lofts in Worcester, which will turn the vacant former Worcester Vocational and Technical School into 84 units of mixed-income housing.
WinnDevelopment of Boston is acquiring and developing the former school property on Grove Street, which was built in 1910 and is listed on the National Register of Historic Places.
Of the 84 apartments, 42 will be affordable and 42 will be rented at market rates. There will be 50 one-bedroom apartments, 31 two-bedroom apartments and 3 three-bedroom apartments.
MassHousing is providing a $14.8 million bridge loan, a $2.3 million permanent loan, and a $780,000 deferred payment loan. The project is also receiving $2 million from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development (DHCD). Additional financing is being provided by DHCD ($1.3 million), the city of Worcester ($1.2 million) and federal and state tax credit equity that is expected to generate $25.4 million in financing for the $33.8 million project.
Construction on the project will begin this month and is expected to be completed in the fall of 2014.





