MassHousing has announced $2 million in loan commitments for the acquisition and rehabilitation of the Wampanoag Mill in Fall River into 97 apartments for residents over age 55.

WinnDevelopment of Boston is developing the Wampanoag Mill, a 5-story, stone building constructed in 1872 on Quequechan Street in Fall River. Of the 97 apartments, 63 will be affordable and 34 will be rented at market rates.

MassHousing has committed $1.1 million in taxable permanent financing and up to $900,000 in Priority Development Fund financing.

"Wampanoag Mill will be transformed from an underutilized commercial building into a vibrant apartment community for senior citizens,” said MassHousing Executive Director Thomas R. Gleason. "The mill building has a long history of commercial and industrial use and that legacy will be a part of its revitalization into quality affordable housing for seniors in Fall River.”

Wampanoag Mill, which will be renamed Curtain Lofts, will feature green building technology and contain 91 one-bedroom apartments and 6 two-bedroom apartments. The development will also have an on-site management office, a tenant lounge, function room and an exercise room with laundry facilities on each floor, according to a statement.

The contractor will be Keith Construction of Stoughton, the architect is The Architectural Team Inc. of Chelsea and the management agent will be WinnResidential of Boston.

Other funding sources are the Massachusetts Department of Housing and Community Development, the city of Fall River and Bank of America.