WinnCompanies has completed an $18.7 million rehabilitation of a 117-unit affordable housing development in Lynn, Mass.
The firm upgraded the kitchens and bathrooms in every apartment at the Cobbet Hill development, installed new boilers and a new security system, replaced the roof, repaired plumbing and masonry, and upgraded the electric system. It also created six new handicapped-accessible apartments, a new community room, and a fitness center.
“The rehabilitation project undertaken by WinnCompanies, in partnership with MassHousing and the city of Lynn, is a key component in preserving quality affordable housing in our city,” said mayor Thomas M. McGee. “This project will enhance the quality of life for the residents and allow them to live in modern housing at an affordable price.”
The Cobbet Hill building was constructed in the 1930s as a public school and was converted to residential use in 1988. The property’s mechanical systems, life safety, and building components were well beyond their useful life when WinnCompanies purchased the property in December 2016, said company leaders.
“We’re pleased with the work that’s been done here under the leadership of vice president LeAnn Hanfield, the project manager,” said Larry Curtis, WinnDevelopment president and managing partner. “The city of Lynn is an important urban anchor for the regional economy north of Boston, where the availability of affordable housing is critical to the needs of so many.”
The development offers a range of bedroom sizes and affordability. There are 50 one-bedroom, 38 two-bedroom, 22 three-bedroom, and six four-bedroom units. Rents are restricted to at or below 80% of the area median income (AMI) and at or below 60% of the AMI.
Since July 2014, WinnCompanies has overseen the completion of more than 17 occupied rehabilitation projects—totaling approximately 3,000 units—at its owned properties in six states and the District of Columbia, with total development costs of $335 million. The company currently has more than 360 units under rehabilitation in two states, at a cost of more than $52 million, with an additional 289 units set to undergo upgrades through 2020.
MassHousing, an independent, quasi-public agency responsible for providing financing for affordable housing in Massachusetts, provided construction financing for the rehabilitation. Boston Financial Investment Management provided underwriting for the federal low-income housing tax credits (LIHTC) and federal historic tax credits awarded to the project.
WinnCompanies’ use of LIHTC financing insures that the Cobbet Hill community will remain affordable until the year 2047.
Keith Construction served as the general contractor for the work, and The Architectural Team served as architect.
Cobbet Hill is managed by WinnResidential, the property management arm of WinnCompanies, which operates over 200 apartment communities with 19,000 units across all income categories in Massachusetts.
