Funding secured for Swampscott housing development

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Last Updated, Jan 11, 2024, 10:17 PM

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WinnCompanies property management’s developing arm, WinnDevelopment, announced that they have secured full funding for the $69.1 million apartment project known as “The Westcott.”

The complex is described as a 114-unit, mixed-income, and transit-oriented community.

Financing was delivered through both local and state agencies. The Massachusetts Executive Office of Housing and Livable Communities provided funds for Low-Income Housing Tax Credits and American Rescue Plan Act. MassHousing provided a bridge, permanent, and workforce housing financing. The North Shore HOME Consortium contributed $225,000, while the Swampscott Affordable Housing Trust contributed $50,000.

“We’re grateful to our state and local financing partners for their support of this transformational, transit-oriented development,” WinnDevelopment Executive Vice President Adam Stein said.

The Westcott is slated to have a variety of apartments with different levels of affordability. According to WinnCompanies, The Westcott will include 16 affordable apartments for households earning up to 30 percent of the Area Median Income, 62 apartments for those earning up to 60 percent of AMI, 16 middle-income or workforce housing apartments for those earning up to 110 percent of AMI, and 20 units available at market rate. Regarding the apartments’ structure, The Westcott is expected to have 71 single-bedroom apartments, 28 two-bedroom apartments, 12 three-bedroom apartments, and three studio apartments.

“MassHousing is pleased to be part of this project that will bring 114 brand new apartment homes to Swampscott that will be available to residents with a broad range of incomes,” MassHousing CEO Chrystal Kornegay said in a press release. “The Westcott will be within walking distance of a commuter rail station and MBTA bus service, making it a true transit-oriented living community that is going to provide housing stability and economic opportunities to the households who settle there.”

In addition to its proximity to public transit, the complex’s parking lot will include 131 spaces.

WinnCompanies Senior Vice President of Communications Ed Cafasso said all funding has been secured, and the complex is still on track to open by the “middle of 2025.”

“We don’t anticipate any need for further funding,” Cafasso said. “We have everything we need, construction is underway, and we’re on schedule.”

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