WinnDevelopment has acquired a 97-unit mixed-income seniors community in Somerville, MA, from the Visiting Nurse Association of Eastern Massachusetts. The acquisition will make the community more affordable and marks the start of a $17.3-million renovation project.
The renovation of the property, which will be renamed The Somerhill, will create an all-electric community that uses at least 40% less energy, WinnDevelopment said. Under its new affordability configuration, market-rate apartments at The Somerhill have been reduced from 24 to 19 and units available at 60% of Area Median Income have increased from 24 to 29.
“We’re pleased to get underway with a project that will make an important source of senior housing in metro Boston more affordable and significantly more environmentally sustainable,” said WinnDevelopment president Adam Stein. “It took a strong partnership among local and state government and private financial institutions to reach this milestone.”
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