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Lawrence: Loft Five50

Sponsor: Winn Development

Mhp Lawrence 1 1

Loan Approved: March 25, 2014

MHP committed $1.4 million in first mortgage financing to help Winn Development construct 62 units of affordable rental housing in Lawrence.

TYPE: Adaptive reuse

WHERE: 550 Broadway, Lawrence.

WHAT: Adaptive reuse of the Malden Mills complex  into 137 affordable. First phase of 75 mixed-income apartments was completed in 2012. Second phase of 62 mixed-income apartments completed in 2015.

AFFORDABILITY: All units affordable at 60 percent AMI, with some units affordable at 30 percent AMI.

MHP FINANCING: $1.45 million in fixed-rate financing for Phase 1 and $1.4 million for Phase 2. 

RENTAL INFORMATION: WinnResidential Management LLC, 617-742-4500.


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