< Back

Gateway Residences on Washington – Lynn, Massachusetts

Nolan Sheehan Patten represented Washington Gateway Associates Limited Partnership and Hub Holdings LLC in the acquisition and construction financing of the first Workforce Housing Opportunity Fund project in the Commonwealth. The Workforce Housing Opportunity Fund is a program of Massachusetts Housing Finance Agency designed to fund the construction of housing for individuals and families earning between 70% to 120% of the area median income. Hub Holdings LLC working with the Neighborhood Assistance Development Corporation of Lynn designed and financed the development of Gateway Residences on Washington, a 71-unit residential development with approximately 2000 sq. feet of ground floor retail space in Lynn, Massachusetts across the street from the North Shore Community College. The project will contain 53 affordable residential units, 10 workforce housing units and 8 market rate units. The project has been financed with construction and permanent loans from Massachusetts Housing Finance Agency in the aggregate amount of $21,044,000, including $1,600,000 in financing from the Workforce Housing Opportunity Fund. A portion of the loan financing was provided through a bond acquisition by the AFL-CIO Housing Investment Trust. Subordinate financing was provided by the Department of Housing and Community Development in the amount of $3,596,000 under the HOME Program, the Housing Stabilization Fund Program, the Affordable Housing Trust Fund Program, and the Commercial Area Transit Node Housing Program, and by the City of Lynn in the amount of $943,618 from its local HOME funds. Additionally, Boston Capital Partners, Inc. is making an equity investment of $10,548,945 to further advance the development of Gateway Residences at Washington.

Gateway Residences on Washington – Lynn, Massachusetts

Practice Areas: Low-Income Housing Tax Credits