BOSTON, Oct. 28, 2015 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Malden Mills Phase II – Loft Five50, comprised of 62 units of affordable housing in Lawrence, Mass. WNC provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing.
“The redevelopment of the second phase of Malden Mills presented an excellent opportunity to preserve local history while providing a modern structure and amenities that enhance the local community and the lives of the individuals and families that reside there,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The completion has generated an overwhelming response from applicants, with more than 600 potential tenants expressing interest.”
Malden Mills Phase II – Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. The community’s amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning.
Located at 550 Broadway, Malden Mills Phase II – Loft Five50 is situated near the Massachusetts Bay Transportation Authority Lawrence station, the Riverfront State Park and is within walking distance of restaurants, grocery stores and schools.
The adaptive reuse project received historical tax credits. When possible, artifacts from the existing building were left in place and building material was recycled. In the open courtyard at Malden Mills Phase II – Loft Five50, sitting benches were constructed from recycled steps from the existing mill.
WinnDevelopment received the LIHTC financing to help fund the development, which took approximately one year to complete.
WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills – Loft Five50 in 2012, including 75 units that are fully occupied.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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Source:WNC & Associates