Worcester, MA – September 24, 2024 – WinnCompanies LLC secured $35 million in financing from Rockland Trust for an affordable housing project situated in Lincoln Square in the heart of Worcester.
The project, known as The Residences at Lincoln Square, will consist of the adaptive reuse of the Worcester Boys Club and the new construction of an adjacent residential building. Other sources of financing includes funds from the Executive Office of Housing and Livable Communities, City of Worcester, MassHousing, Massachusetts Housing Partnership, BlueHub and MassDevelopment. WNC is the investor in the LIHTC and HTC generated by the project.
The two buildings will offer a total of 80 affordable rental housing units specifically designed for seniors (aged 55+) and disabled households. The Worcester Boys Club, listed on the National Register of Historic Places, will be adapted to create sixteen senior apartments, community spaces, and senior health and wellness facilities, along with other amenities. Additionally, the new construction building will offer 64 affordable residential units for seniors. The two buildings will be connected on the ground floor via a single-story glass enclosure.
"Rockland Trust is excited to partner with WinnCompanies in support of this transformative and innovative housing redevelopment," said Claudius Zorokong, Vice President and Commercial Loan Officer at Rockland Trust. "The Residences at Lincoln Square not only addresses the need for affordable senior housing in a highly desired location, but also caters to the need for energy-efficient and environmentally conscious construction. We are thrilled to be a part of this important work."
"We’re proud to count Rockland Trust as a partner on an exciting project that will contribute to Worcester’s resurgence and deliver the first downtown affordable housing specifically designed for older residents,” said WinnCompanies Executive Vice President Michael O’Brien. “Residents of this community will be able to access mass transit, downtown businesses and entertainment, as well as medical and academic institutions – all within a short walk.”
Once completed, the project will provide its residents with easy access to downtown amenities and public transportation. The site is in a highly walkable, transit-oriented area, adjacent to a WRTA bus stop serviced by three key bus lines, connecting residents to job hubs, medical facilities, shopping centers, educational opportunities, and more.
