BOSTON – May 12, 2022 – MassHousing has closed on $41.2 in affordable housing financing to Landmark Properties, Inc., for the newly constructed, 150-unit, North 116 Flats in Sunderland.
Located three miles north of the University of Massachusetts at Amherst, and adjacent to a bus line that runs into downtown Amherst and UMass Amherst, North 116 Flats was developed under the state's comprehensive permit law, Chapter 40B. North 116 Flats offers 38 family apartments affordable to households earning at or below 80 percent of the Area Median Income (AMI). The remaining 112 apartments, which are furnished and contain 329 beds, are marketed to area students and are rented at market rates on a per bed basis. The AMI for Sunderland is $82,900 for a household of four.
"MassHousing appreciates the opportunity to be part of the entire process to complete this hybrid, purpose-built housing, starting with its permitting under Chapter 40B and extending through its completion," said MassHousing Executive Director Chrystal Kornegay. "North 116 Flats is now providing quality, affordable rental housing for families in Sunderland, as well as for students studying in greater Amherst."
"We are excited to offer local citizens and students in the Amherst area with a residential property that suits the needs and wants of the community with North 116 Flats," said Wes Rogers, President and CEO of Landmark Properties. "Landmark is fortunate to partner with MassHousing experts to guide affordable housing options for Landmark-owned communities in Sunderland."
The residential community contains five, three-story garden-style buildings and includes 30 one-bedroom, 90 two-bedroom and 30 three-bedroom apartments. There is also a community building with common, entertainment, fitness and study areas, and outdoor greenspace, dog parks, grilling stations and fire pits.
MassHousing provided Landmark Properties with a $41.2 million taxable permanent loan. The general contractor was Western Builders. The architect was Stuart I. Roosth and the management agent is Landmark Management Ventures.
About Landmark Properties, Inc.
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development and management of high-quality residential communities. With more than $8.9 billion assets under management, Landmark’s portfolio includes nearly 90 residential communities across the country with approximately 57,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark’s mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $27.5 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.