WinnCompanies completes $35.2m 93-unit mixed-income community

Shrewsbury, MA WinnCompanies, an award-winning national owner has completed The Elmwood, a 93-unit, mixed-income housing development serving households in the region.

The $35.2 million new construction project delivered a combination of low-income, affordable, workforce and market-rate apartments in two energy-efficient, three-story buildings on a vacant nine-acre parcel, close to key roadways and less than two miles from commuter rail service.

“The Elmwood reached full occupancy very quickly, providing clear evidence of the strong demand for apartment options across the income spectrum in this region,” said WinnDevelopment president Adam Stein. “We’re pleased to deliver a community that not only supports the economic strength of greater Worcester but also aligns with public policy goals for the production of quality, energy-efficient mixed-income housing.”

Featuring one 63-unit building and one 30-unit building, The Elmwood offers 13 low-income apartments available to households earning up to 30% of Area Median Income (AMI), 43 units for households earning up to 60% of AMI, 21 units at up to 110% of AMI, and 16 market-rate units. The economic diversity of the development is complimented by a wide range of bedroom sizes with three studios, 44 one-bedroom apartments, 36 two-bedroom units and 10 three-bedroom units.

Designed and built to achieve low energy use and reduced carbon intensity, The Elmwood is certified as a Passive House community featuring high-efficiency electric HVAC systems and a 150 KW rooftop solar array. There are eight electric vehicle charging stations among the property’s 161 parking spaces.

The Elmwood features an outdoor family area with grills, a great lawn for resident activities, outdoor fireplaces, a playground, and a dog park. The property also offers residents a club lounge with community kitchen, work-from-home spaces, a conference room, a fitness center, a package room, and an onsite management office. 

Financing for the project came from the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), which allocated state and federal Low-Income Housing Tax Credits, as well as subordinate loans.

MassHousing provided permanent financing, tax credit bridge loan financing and loans from the agency’s Workforce Housing Initiative. 

“MassHousing is excited for the residents of the Elmwood who have brand new, affordable apartment homes in proximity to Worcester as well as major roadways and transit options to access economic opportunities in and beyond Central Massachusetts,” said MassHousing CEO Chrystal Kornegay. “We were pleased to partner with WinnCompanies in developing this new housing resource in Shrewsbury for residents with a broad range of incomes.” 

Bank of America provided tax credit equity and construction financing. “Bank of America Community Development Banking is pleased to provide a construction loan and tax credit investment to help finance much-needed, mixed-income housing with our long-time partners at Winn,” said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. “The Elmwood is a great example of the impact public-private partnerships can make to support the communities where we work and live, like Shrewsbury.”

The Community Economic Development Corporation (CEDAC) also helped finance the project.

Senior Project Director Hagop Toghramadjian oversaw the effort for WinnDevelopment. WinnResidential, the property management arm of WinnCompanies, provides day-to-day operations for the community. Dellbrook-JKS, of Quincy, MA, served as the general contractor for the 18-month construction effort. Cube 3 of North Andover, MA, served as architect.