Lawrence elected officials, state Housing Secretary Ed Augustus, (center-right, holding scissors) and executives from Trinity Financial, Red Stone Equity Partners, TD Bank and MassHousing pose for a photo commemorating the opening of Trinity's new Fábrica Lofts in Lawrence. Photo courtesy of Trinity Financial

Trinity Financial’s latest project in Lawrence, the Fábrica Lofts, opened its doors last week with an assist from state officials and TD Bank.

The $47 million adaptive reuse development turned a vacant, 4-story brick mill building into 87 mixed-income apartments.

Of the apartments, 17 are restricted to those earning at or below 30 percent of Lawrence’s area median income (AMI), 49 units are for those earning at or below 60 percent of AMI, and 21 are Workforce units for those earning up to 80 percent of AMI.

State officials contributed $26.1 million worth of Low Income Housing Tax Credits to generate equity financing for the development, Trinity said, while historic tax credits, the state’s affordable housing trust fund and $200,000 in city funding helped fill out the capital stack. Red Stone Equity Partners syndicated the tax credits and TD Bank both bought them and provided the construction loan.

The project is part of a multi-phase redevelopment plan Lawrence officials are shepherding along to turn the 34-acre former Malden Mills industrial site north of the city’s downtown called Arlington Mills into a new, mixed-use district.

“Projects like Fábrica Lofts drive economic activity by adding valuable historic buildings back into productive use while creating much-needed housing critical to the success of Gateway cities like Lawrence,” Massachusetts Housing and Livable Communities Secretary Ed Augustus said in a statement provided by Trinity. “Governor Healey understands that transforming communities into economic hubs requires housing that is accessible for all Massachusetts residents and is in proximity to jobs and transportation. We thank Trinity Financial and its partners at MassHousing, Red Stone Equity Partners, the city of Lawrence and TD Bank.”