SWAMPSCOTT, Mass. — The transformation of a former industrial property in Swampscott into a 114-unit, energy-efficient housing community has reached another milestone with the completion of permanent financing for The Westcott.
MassHousing has closed on $14 million in permanent financing for the development, completing the final piece of the $69.1 million project developed by WinnCompanies. The mixed-income community opened in July 2025 and is located approximately a quarter-mile from Swampscott’s commuter rail station, with access to an MBTA bus line.
The project was approved by the Town of Swampscott through Chapter 40B, the state’s affordable housing law, and has transformed what had been an industrial parcel located within a residential neighborhood.
“MassHousing is thrilled for the residents of The Westcott who have brand new, energy efficient apartment homes within walking distance to commuter rail and bus lines,” said MassHousing CEO Chrystal Kornegay. “We were pleased to partner with WinnCompanies and the Town of Swampscott to transform a blighted industrial parcel in a residential neighborhood into this new housing for residents with a range of incomes.”
$69.1 Million Development
The Westcott was financed through a combination of public and private sources, including four-percent and nine-percent Low Income Housing Tax Credits.
In addition to the $14 million permanent loan, MassHousing provided $12.2 million in tax credit bridge financing and $2.2 million in workforce housing financing, bringing its total financing for the project to $28.4 million.
Other sources included $37.5 million in federal and state Low Income Housing Tax Credits, $38.7 million in construction financing from Bank of America, and $7 million in American Rescue Plan Act funding through the Massachusetts Executive Office of Housing and Livable Communities.
The project also received $3 million in ARPA financing through the Affordable Housing Trust Fund, $5.4 million in direct EOHLC financing, $246,000 in local HOME financing and $49,000 from the Swampscott Affordable Housing Trust.
The MBTA provided an easement that allowed for the creation of additional resident parking.
“MassHousing understands that workforce housing is an essential part of a healthy, vibrant community,” said Adam Stein, vice president of WinnDevelopment. “Thanks to their support and the support of other trusted partners, we have been able to advance our mission to deliver thoughtful, high-quality apartment developments like The Westcott, creating meaningful, long-term value for residents and the broader community.”
Housing for a Range of Incomes
The 114 apartments at The Westcott are structured to serve households across a range of income levels.
The development includes:
- 16 apartments restricted to households earning up to 30% of Area Median Income
- 62 apartments for households earning up to 60% of AMI
- 16 workforce housing apartments for households earning up to 110% of AMI
- 20 market-rate apartments
The unit mix includes three studios, 71 one-bedroom apartments, 28 two-bedroom apartments and 12 three-bedroom apartments.
The project also improved the public infrastructure surrounding the site, including streets, sidewalks and crosswalks abutting the property.
Designed for Energy Efficiency
The Westcott was built to stringent Passive House standards, with the goal of significantly reducing energy consumption and operational carbon emissions.
According to WinnCompanies, the building is designed to reduce operational carbon emissions by 58%.
Sustainability features include a 50-kilowatt rooftop photovoltaic array expected to supply approximately 35% of the site’s electricity, triple-glazed windows, LED lighting and high-efficiency heat pumps for heating and cooling.
The building also incorporates energy recovery ventilation systems, high-performance exterior wall insulation, Energy Star appliances and low-flow plumbing fixtures designed to reduce water consumption.
Its location is another key element of the development’s sustainability strategy. Residents are within walking distance of commuter rail and have access to MBTA bus service, providing alternatives to automobile travel.
Amenities Built Around Transit and Community
The Westcott’s amenities include a three-season rooftop deck and grilling area with views toward the Atlantic Ocean and Boston skyline.
Residents also have access to a fitness center, private workspaces, a makerspace, a dedicated pet-washing station and a lobby exhibit featuring work by a local artist.
The property includes electric vehicle charging stations, covered parking and bicycle storage, with two indoor and three outdoor bicycle storage areas.
The lobby features a screen displaying real-time public transit information, reinforcing the development’s transit-oriented design.
Project Team
WinnCompanies developed The Westcott. Cranshaw Construction served as general contractor, The Architectural Team was the architect, and Hancock Associates provided engineering services.
With its permanent financing now complete, The Westcott represents the redevelopment of a former industrial site into a mixed-income community that combines housing affordability, transit access and energy-efficient building design in Swampscott.
