The Westcott will offer three studio, 71 one-, 28 two-, and 12 three-bedroom units.
The Architectural Team The Westcott will offer three studio, 71 one-, 28 two-, and 12 three-bedroom units.

WinnDevelopment has closed on the financing for a 114-unit, mixed-income community in Swampscott, Massachusetts.

The firm is building The Westcott, which will feature 16 apartments for households earning up to 30% of the area median income (AMI), 62 apartments for residents earning up to 60% of the AMI, 16 middle-income apartments for those earning up to 110% of the AMI, and 20 market-rate units.

“We’re grateful to our state and local financing partners for their support of this transformational, transit-oriented development,” said Adam Stein, executive vice president of WinnDevelopment, the development arm of WinnCompanies. “The mix of incomes and unit types will add more options to the town's housing stock, including workforce housing, and create a community that will appeal to a broad mix of young professionals, commuters, downsizing households, and families.”

Under construction on a 1.3-acre former industrial property, the $69.1 million development is being built to passive house standards, the most rigorous high-performance green building standard in the world, which means it will use significantly less energy than typical apartment buildings while creating a sustainable, comfortable, and healthy indoor air environment, said officials.

Amenities will include indoor and outdoor gathering spaces; a rooftop deck with grilling stations, a café, and lounge seating; a fitness center; a resident lounge with a catering kitchen; private workspaces; a dog spa; and package lockers.

Local and state agencies as well as Bank of America delivered financing for the project. The Massachusetts Executive Office of Housing and Livable Communities provided low-income housing tax credits and American Rescue Plan funds, while MassHousing provided bridge, permanent, and workforce housing financing. Bank of America provided the tax credit equity and construction financing for the project. Locally, the Swampscott Affordable Housing Trust and the North Shore HOME Consortium also both committed funds to the development.

The project was approved by the Swampscott Zoning Board of Appeals under the Massachusetts Chapter 40B law that streamlines the local entitlement process for communities in need of affordable housing. Since more than 25% of the apartments are considered affordable, all 114 units will count toward the town’s subsidized housing inventory.Cranshaw Construction is the project’s general contractor.

The Architectural Team is the architect. Robinson & Cole served as counsel on the transaction. Smolak & Vaughan served as counsel on permitting. When completed, the new apartment community will be managed by WinnResidential, the property management arm of WinnCompanies.