Financing Completed for the 114-unit The Westcott in Swampscott, an Energy Efficient and Transit-Oriented Development near the Town’s Commuter Rail Station

BOSTON – September 9, 2026 – MassHousing has closed on the final financing for the 114-unit The Westcott in Swampscott, which was developed by WinnCompanies on a former industrial site following approval by the Town of Swampscott through Chapter 40B.

The mixed-income community opened in July 2025 and is a highly energy efficient and transit-oriented development a quarter mile from the town's commuter rail station and on an MBTA bus line.

"MassHousing is thrilled for the residents of The Westcott who have brand new, energy efficient apartment homes within walking distance to commuter rail and bus lines," said MassHousing CEO Chrystal Kornegay. "We were pleased to partner with WinnCompanies and the Town of Swampscott to transform a blighted industrial parcel in a residential neighborhood into this new housing for residents with a range of incomes."

"MassHousing understands that workforce housing is an essential part of a healthy, vibrant community. Thanks to their support and the support of other trusted partners, we have been able to advance our mission to deliver thoughtful, high-quality apartment developments like The Westcott, creating meaningful, long-term value for residents and the broader community," said WinnDevelopment Vice President Adam Stein.

MassHousing recently closed on $14 million in permanent financing, which was the final financing piece of the $69.1 million development. The project was completed with two transactions involving four-percent and nine-percent Low Income Housing Tax Credits.

MassHousing additionally proved $12.2 million in tax credit bridge financing and $2.2 million in workforce housing financing for a project total of $28.4 million.

Other financing sources included $37.5 million in federal and state LIHTCs, $38.7 million in construction financing from Bank of America, $7 million in America Rescue Plan Act financing through the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), an additional $3 million in ARPA financing through the Affordable Housing Trust Fund, $5.4 million in direct EOHLC financing, $246,000 in local HOME financing and $49,000 in Swampscott Affordable Housing Trust financing. The MBTA provided an easement for the creation of additional resident parking.

Of the 114 apartments, 16 are restricted to households earning up to 30% of the Area Median Income (AMI), 62 apartments for households earning up to 60% of AMI, 16 apartments are workforce housing units for households earning up to 110% of AMI, and 20 units are rented at market rates. The Westcott features three studio units, 71 one-bedroom apartments, 28 two-bedroom apartments and 12 three-bedroom apartments.

In addition to dramatically transforming an unsightly industrial parcel positioned in the middle of a residential neighborhood, the construction effort significantly improved the public streets, sidewalks and crosswalks abutting the property.

Built to stringent Passive House standards, The Westcott reduces operational carbon emissions by 58%. Sustainability features include a 50-kW rooftop photovoltaic array supplying 35% of the site's electricity, triple-glazed windows, LED lighting, high-efficiency heat pumps for heating and cooling, energy recovery ventilation systems, high-performance exterior wall insulation, Energy Star appliances, low-flow plumbing fixtures to help conserve water usage.

Resident amenities include a three-season rooftop deck and grilling area with views of the Atlantic Ocean and Boston skyline, a fitness center, private workspaces, a dedicated pet washing station, a lobby exhibit featuring the work of a local artist, electric vehicle charging stations and a covered parking area. The lobby also features a screen displaying the real-time status of mass transit options and there are two indoor and three outdoor bicycle storage areas.

Cranshaw Construction was the general contractor, The Architectural Team was the architect, and Hancock Associates provided engineering services.

About WinnCompanies

WinnCompanies is an award-winning owner, developer and manager of high-impact, quality apartment homes, supported by 4,300 team members in 27 states, the District of Columbia and Puerto Rico. The company is known as a leading manager of multifamily apartment communities, operating the nation's largest portfolio of affordable housing with a groundbreaking resident services platform. Its community development work focuses on creating and revitalizing mixed-income properties through environmentally sustainable new construction and pioneering adaptive reuse techniques. The company has also been a top manager of privatized housing for members of the U.S. Armed Forces and their families since 2001. Founded in Boston in 1971, WinnCompanies is a family-owned, private company. Learn more at www.winncompanies.com.

About MassHousing

MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com. 

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