MassDevelopment has partnered with Newburyport Bank to provide $3.1 million in financing for the renovation of a historic five-story building located at 45-51 Wingate St in Haverhill, Massachusetts. The project will add 15 apartments on the upper three vacant floors while retaining active retail units on the first floor. Nine studio units and six one-bedroom units are planned, with 12 rented at market rate and three designated as affordable housing using HOME funds from the City of Haverhill for households earning up to 60% of area median income.
To support this endeavor, Newburyport Bank and MassDevelopment have provided construction-to-permanent real estate loans along with a bridge loan and mortgage guarantee from MassDevelopment. This investment is expected to help revitalize downtown Haverhill while providing much needed affordable housing options within its community.
