WinnCompanies LLC, a developer specializing in affordable housing, has successfully obtained $35 million in financing from Rockland Trust for its latest project located in Lincoln Square, Worcester. The development, called The Residences at Lincoln Square, will involve the renovation of the historic Worcester Boys Club and the construction of a new residential building next to it. Together, these two buildings will offer 80 rental units specifically designed for seniors and disabled individuals.
In addition to Rockland Trust’s contribution, other sources of funding include support from various organizations such as the Executive Office of Housing and Livable Communities, City of Worcester,MassHousing,Massachusetts Housing Partnership BlueHub,and MassDevelopment. WNC is also investing in Low-Income Housing Tax Credits (LIHTC)and Historic Tax Credits (HTC) generated by this project.
Michael O’Brien,WinnCompanies’ Executive Vice President,stated,”We are delighted to haveRocklandTrust as our partner on this exciting venture that will not only contribute towards revitalizing Worcester but also provide much-needed downtown affordable housing specially tailored for older residents.” This news was originally reported by Connect CRE.
