102-Unit Housing Community in Lawrence Finally Gets Financing

By
Real Estate Sales Representative with Castles Unlimited®

 

This week, MassHousing closed on $17.1 million in financing for the construction of a new, 102-unit, affordable housing community in Lawrence.

 

Trinity Financial, Inc., the company whose affiliate was financed by MassHousing, will turn the former Van Brodie Mill into the new mixed-income community near the border of Methuen. The reuse project will preserve the historic former mill.

 

“Van Brodie Mill will be an important new housing resource for working families in Lawrence,” said MassHousing Acting Executive Director Tom Lyons. “This transformational project will put a former Brownfield back into productive use, while advancing regional economic development, and enabling families to live affordably and prosper in greater Lawrence.”

 

Of the 102 units, 16 of the new development will be reserved for residents of very low-income households (those who earn at or below 30% of the area median income). In addition, 67 of the units will be for low-income households, and 19 for workforce housing (households earning between 61-80% of the area median income). In total, there will be eight studio apartments, 25 one-bedrooms, 56 two-bedrooms, and 13 three-bedroom apartments.

 

“We are thrilled to begin the transformation of the Van Brodie Mill,” said Trinity Financial project manager Dan Drazen. “Thanks to MassHousing’s investment, this project will breathe new life into a historically significant asset while creating much-needed mixed-income housing in the Gateway City of Lawrence.”

The redevelopment in this area continues the Baker-Polito Administration’s goal of creating 1,000 new workforce housing units affordable to middle-income families as part of MassHousing’s $100 million Workforce Housing Initiative.

 

“This is a very important project that will allow low-income families to have a place they can call home,” said Thomas McColgan, Vice President at TD Bank. “This is one of our many projects with Trinity Financial and we are incredibly pleased to work with such a great set of partners to provide top-quality affordable housing for the residents of Lawrence.”

 

The contractor of this project will be Aberthaw Construction, and the architect is ICON Architecture, with Trinity Management LLC. presiding as the management agent.

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James Lowenstern

Castles Unlimited. Newton MA Real Estate
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