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In its first-ever project in the city of Lawrence, Boston-based developer Trinity Financial is redeveloping the Van Brodie Mill into a 102-unit mixed-income housing complex.
The $46 million project received state and federal historic tax credits, low-income housing tax credits and funding from MassHousing’s affordable housing trust fund and the Department of Housing and Community Development’s housing stabilization fund. Red Stone Equity Partners contributed $37 million in tax credit equity.
TD Bank provided $35 million in construction financing. Completion is scheduled for fall 2019.
The project will be built on four parcels within Lawrence’s 34-acre Arlington Mills Smart Growth district. Units will be a combination of workforce and affordable housing, with income limits ranging from at or below 30 percent of the area median income to a maximum of 80 percent of AMI. The completed project will contain eight studio apartments, 25 one-bedroom apartments, 56 two-bedroom apartments and 13 three-bedroom apartments.
