BOSTON – MassHousing has closed on $41.2 in affordable housing financing to Landmark Properties, Inc., for the newly constructed, 150-unit, North 116 Flats in Sunderland.
Located three miles north of the University of Massachusetts at Amherst, and adjacent to a bus line that runs into downtown Amherst and UMass Amherst, North 116 Flats was developed under the state’s comprehensive permit law, Chapter 40B. North 116 Flats offers 38 family apartments affordable to households earning at or below 80 percent of the Area Median Income (AMI). The remaining 112 apartments, which are furnished and contain 329 beds, are marketed to area students and are rented at market rates on a per bed basis. The AMI for Sunderland is $82,900 for a household of four.
“MassHousing appreciates the opportunity to be part of the entire process to complete this hybrid, purpose-built housing, starting with its permitting under Chapter 40B and extending through its completion,” said MassHousing Executive Director Chrystal Kornegay. “North 116 Flats is now providing quality, affordable rental housing for families in Sunderland, as well as for students studying in greater Amherst.”
“We are excited to offer local citizens and students in the Amherst area with a residential property that suits the needs and wants of the community with North 116 Flats,” said Wes Rogers, President and CEO of Landmark Properties. “Landmark is fortunate to partner with MassHousing experts to guide affordable housing options for Landmark-owned communities in Sunderland.”
The residential community contains five, three-story garden-style buildings and includes 30 one-bedroom, 90 two-bedroom, and 30 three-bedroom apartments. There is also a community building with common, entertainment, fitness, and study areas, and outdoor greenspace, dog parks, grilling stations and fire pits.
MassHousing provided Landmark Properties with a $41.2 million taxable permanent loan. The general contractor was Western Builders. The architect was Stuart I. Roosth and the management agent is Landmark Management Ventures.
