MassHousing Closes $28.4M in Financing for WinnCompanies' 114-Unit The Westcott in Swampscott
MassHousing (The Massachusetts Housing Finance Agency) has closed $28.4 million in financing for The Westcott, a 114-unit mixed-income apartment community at 125 Essex St. in Swampscott, Mass., developed by WinnCompanies on a former industrial site. The financing close, announced Sept. 9, 2026, represents the final capital piece of the $69.1 million development, which opened in July 2025.
Financing Structure and Capital Stack
MassHousing's $28.4 million commitment to The Westcott was assembled across three components: $14 million in permanent financing, $12.2 million in tax credit bridge financing and $2.2 million in workforce housing financing. The permanent financing represents the final piece of a layered capital stack that drew on multiple public and private sources.
Additional financing sources included $37.5 million in federal and state Low Income Housing Tax Credits, $38.7 million in construction financing from Bank of America, $7 million in American Rescue Plan Act financing through the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), $3 million in additional ARPA financing through the Affordable Housing Trust Fund, $5.4 million in direct EOHLC financing, $246,000 in local HOME financing and $49,000 from the Swampscott Affordable Housing Trust. The project was completed with two transactions involving four-percent and nine-percent Low Income Housing Tax Credits. The MBTA provided an easement for the creation of additional resident parking.
"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.
Income Mix and Unit Configuration
The Westcott's 114 apartments span a mixed-income structure designed to serve households across a range of income levels. Sixteen units are restricted to households earning up to 30% of the Area Median Income, 62 units are restricted to households earning up to 60% of AMI, 16 units are designated as workforce housing for households earning up to 110% of AMI, and 20 units are rented at market rates.
The 143,492-square-foot building includes three studio units, 71 one-bedroom apartments, 28 two-bedroom apartments and 12 three-bedroom apartments. WinnCompanies developed the property following approval from the Town of Swampscott through Chapter 40B.
Transit Orientation and Site Redevelopment
The Westcott is located a quarter mile from Swampscott's commuter rail station and sits on an MBTA bus line, positioning it as a transit-oriented development in a coastal suburb. The project replaced a former industrial parcel that had been situated in the middle of a residential neighborhood. In addition to the residential construction, the development effort included improvements to public streets, sidewalks and crosswalks abutting the property.
The Boston-area multifamily market recorded approximately 3,667 units of absorption against 2,451 units of new deliveries year-to-date through mid-2026, with roughly 13,321 units under construction across the broader market. Vacancy in the Boston multifamily market stood at approximately 5.6%, with about 6,400 units absorbed year-to-date in a separate measurement period.
Passive House Design and Sustainability Features
The Westcott was built to Passive House standards and is designed to reduce operational carbon emissions by 58%. Sustainability features include a 50-kilowatt rooftop photovoltaic array that supplies 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 and low-flow plumbing fixtures.
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 features a screen displaying real-time mass transit information, and the building offers two indoor and three outdoor bicycle storage areas.
Cranshaw Construction served as general contractor, The Architectural Team was the architect and Hancock Associates provided engineering services.
About the Firms
WinnCompanies is an owner, developer and manager of apartment communities, with approximately 4,300 team members operating across 27 states, the District of Columbia and Puerto Rico. Founded in Boston in 1971, the company is privately held. MassHousing is an independent, self-sustaining state agency established in 1966 that provides financing to low- and moderate-income homebuyers, homeowners and rental housing developers. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing across Massachusetts.