MassHousing has closed $2.7 million in loans for the first phase of the Tri-Town Landing Apartments, a 66-unit rental development in a Smart Growth District in Lunenburg.

Tri-Town Landing is being developed by Manchester, N.H.-based Great Bridge Properties LLC. MassHousing recently closed a $1.4 million permanent loan and a $1.3 million Priority Development Fund loan for the first phase of the development, which has been completed. The project financing also included $873,000 from the Affordable Housing Trust Fund, which is jointly managed by MassHousing and the state Department of Housing and Community Development.

The MassHousing financing involves 66 apartments in two three-story buildings. Of the 66 apartments, 60 – or 91 percent – have been rented to low-income residents and six of the units are being rented at market rates.

Tri-Town Landing is being developed under 40R Smart Growth Zoning on an 8.7-acre site formerly occupied by a drive-in movie theater, according to a statement. Once the entire site is developed, it is expected to contain a total of 204 housing units.

"Creating new affordable housing and preserving existing affordable housing is critical to the economy of Massachusetts and its residents," said MassHousing Executive Director Thomas R. Gleason. "Being located in a Smart Growth District just 1.5 miles from a commuter rail station will make the Tri-Town Landing Apartments a very valuable affordable housing resource for the greater Lunenburg community for many years to come."