A $19.3 million redevelopment of a 110-year-old historic mill in Ludlow has generated 75 new units of mixed-income senior housing that are already 100 percent leased.
The Residences at Mill 10 contains 63 one-bedroom and 12 two-bedroom apartments for residents ages 55 and older. The complex includes 51 units restricted to households with incomes at or below 60 percent of the area median income (AMI) and 15 set aside for households at or below 30 percent AMI.
Boston-based WinnDevelopment led the project at the 108,163-square-foot building, which is listed on the National Historic Register.
“People began asking to be put on the waiting list for apartments in Mill 10 almost as soon as we began construction, so there is no doubt that the desire for quality housing for seniors in this region is strong,” Larry Curtis, president and managing partner of WinnDevelopment, said in a statement.
The 170-acre former mill complex, formerly the home of the Ludlow Manufacturing and Sales Co., includes more than 60 buildings once used to manufacture rope and twine.
Financing for the project included state and and federal low-income housing tax credits; funding from the housing stabilization fund and HOME fund of the Massachusetts Executive Office of Housing and Community Development; state and federal historic tax credits; tax credit equity from Bank of America; a loan from the Boston Community Loan Fund; money from the Affordable Housing Trust Fund managed by MassHousing; a loan from the town of Ludlow; Facilities Consolidation Fund proceeds from the Community Economic Development Assistance Corporation; a first mortgage from Massachusetts Housing Partnership; project-based subsidies from the U.S. Department of Housing & Urban Development (HUD); and owner equity in the form of a deferred developer fee.
BofA provided construction financing. Quincy-based Dellbrook Construction served as general contractor and The Architectural Team of Chelsea was the architect.
WinnDevelopment also has secured the rights to develop housing at Mill 8, known as the Clock Tower building.
The property is owned by nonprofit Westmass Area Development Corp.