MassHousing has closed on a total of $28.8 million in financing for the creation of a new, 180-unit affordable housing community in Lawrence, where Reed Realty Advisors will turn a section of the former Pacific Mills cotton complex into new mixed-income housing for households with a range of incomes.

“Pac 10 Lofts will fill a critical need for mixed-income housing in downtown Lawrence, while transforming a vacant mill property into a vibrant, new housing community,” MassHousing Executive Director Chrystal Kornegay said in statement. “The redevelopment of the former Pacific Mills marks another step forward in Lawrence’s revitalization.”

MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The MassHousing financing generated $16 million in low-income housing tax credit equity. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the city of Lawrence.

“Reed Realty Group is excited to be part of the great things happening in Lawrence’s downtown and North Canal District,” Scott Reed, managing director of Reed Realty Group, said in a statement. “We identified Lawrence as one of the small cities in the country poised for the greatest economic growth in the coming years. We’ve been on the ground in Lawrence for two years now and are watching this transformation take place in real time.”

Of the 180 new apartments, 18 will be for low-income households earning at or below 30 percent of the area median income (AMI), 112 will be for households earning at or below 60 percent of AMI, 40 will be workforce housing units for households earning at or below 80 percent of AMI and 10 units will be rented at market rates. The area median income for a family of four in Lawrence is $95,000.

Pacific Mills, a former cotton mill, was originally built at 5 Franklin St. in the 1890s. The Pac 10 Lofts project is the first phase of a two-phase redevelopment of the mill complex. The Pac 10 Lofts will offer 82 one-bedroom apartments, 10 two-bedroom apartments and 88 three-bedroom apartments. The development will also include a fitness center, event space and each floor will have a conference room.