WinnCos. Completes $30.2M Mixed-Income Project in East Boston
BOSTON — Developer WinnCos. has completed a $30.2 million project that converted the waterfront site of an obsolete public housing development in East Boston into a 52-unit mixed-income complex. The site now houses 22 apartments to be rented to low-income households and 30 condominiums to be sold at market-rate prices. The rental units feature one-, two-, three- and four-bedroom floor plans. MassHousing provided a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the development. Bank of America provided an $11.6 million construction loan and served as the Low-Income Housing Tax Credit investor. Enterprise Bank contributed an $8.6 million construction loan for the condo portion of the project.