November 15, 2019
MassHousing has provided a total of $15 million in affordable housing financing to an affiliate of Farragut Investments Inc. for property improvements at Whitney Carriage Park apartments in Leominster. As part of the MassHousing financing, the affordability of the 45 affordable rental homes at Whitney Carriage Park will be preserved in perpetuity.
Located at 124 Water St., Whitney Carriage Park is a former baby carriage mill complex that was originally built in the 1800s and converted to rental housing in 1987. The property now contains 181 mixed-income apartments across nine former mill buildings and two townhomes.
MassHousing is providing a $10.9 million taxable permanent mortgage, as well as a $4.1 million capital needs loan. Farragut will utilize the MassHousing financing to make repairs at the property, including replacing historic windows, repairing roofs and exterior masonry, upgrading units and common areas, upgrading sprinkler and HVAC systems, and performing elevator, accessibility and security system maintenance work.
For comments, questions or concerns, please contact David Cohen