The 114-unit Westcott development has completed the final phase of its financing. Photo courtesy of MassHousing.
MassHousing has closed on the final financing for the development of WinnCompanies’ Westcott housing project in Swampscott.
“MassHousing is thrilled for the residents of The Westcott who have brand new, energy efficient apartment homes within walking distance to commuter rail and bus lines,” MassHousing CEO Chrystal Kornegay said in a statement. “We were pleased to partner with WinnCompanies and the Town of Swampscott to transform a blighted industrial parcel in a residential neighborhood into this new housing for residents with a range of incomes.”
The $14 million in permanent financing from MassHousing was the final piece of the $69.1 million capital stack. The project was completed with two transactions involving 4 percent and 9 percent low income housing tax bredits. Bank of America is providing $38.7 million in construction financing.
Of the 114 apartments, 16 are restricted to households earning up to 30 percent of the area median income (AMI), 62 apartments are reserved for households earning up to 60 percent of the AMI, 16 apartments are workforce housing units for households earning up to 110 percent of the AMI, and 20 units are rented at market rates. The Westcott features three studio units, 71 one-bedroom apartments, 28 two-bedroom apartments, and 12 three-bedroom apartments.
The Westcott reduces operational carbon emissions with its sustainable efforts. These features include a rooftop photovoltaic array supplying 35 percent of the site’s electricity, triple-glazed windows, LED lighting, high-efficiency heat pumps, energy recovery ventilation systems, Energy Star appliances, and low-flow plumbing fixtures.
Residents can also access a three-season rooftop deck and grilling area, a fitness center, private workspaces, and a dedicated pet washing station. The property also features a lobby exhibit featuring local artists, electric vehicle charging stations, and a covered parking area. The lobby also features a screen displaying the real-time status of mass transit options, and there are two indoor and three outdoor bicycle storage areas.
