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Associated Press
4 days ago
- Business
- Associated Press
WNC & Associates and First Resource Development Company LLC to Transform Historic Springfield Buildings Into New Affordable Housing Community
SPRINGFIELD, Mass., Aug. 14, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and First Resource Development Company LLC, a real estate firm specializing in the development and construction of multifamily and elderly housing, have announced the rehabilitation and adaptive reuse of two historic buildings into Merrick Park Apartments, a 62-unit affordable housing community in Springfield, Mass. Located at 195 State Street and 19–25 Maple Street in the city's Metro Center neighborhood, Merrick Park Apartments will bring much-needed affordable housing to a walkable downtown area with convenient access to public transit, healthcare, education, and employment. The $40 million development is situated directly across from the Springfield Central Library and within walking distance of museums, restaurants, shops, and multiple bus stops served by the Pioneer Valley Transit Authority (PVTA). 'Merrick Park Apartments exemplifies our commitment to preserving historic assets while creating quality affordable homes for working families,' said Anil Advani, Executive Vice President of Originations and Finance at WNC. 'This development adds value not just through housing, but through thoughtful reinvestment in the heart of Springfield.' The project involves the rehabilitation of the former Springfield Fire and Marine Insurance Company building and an adjacent residential building. Together, they will deliver a total of 62 units, including eight studio apartments, 43 one-bedroom units, 10 two-bedroom units, and one three-bedroom unit. Units will be restricted to households earning between 30% and 60% of the Area Median Income (AMI), and eight two-bedroom units will be reserved for residents utilizing project-based Section 8 rental assistance. Merrick Park Apartments will offer a well-rounded blend of in-unit and community amenities designed to enhance everyday living. Each apartment home will feature a refrigerator, electric range, microwave, dishwasher, garbage disposal, and central air conditioning. Residences will also include window blinds and durable vinyl flooring throughout. For added convenience and resident support, the community will provide on-site management, laundry facilities, a resident activity room, and controlled-access entry to promote a safe and welcoming environment. Several years in the making, we are excited to announce the closing for Merrick Park Apartments,' said Gordon Pulsifer, President of First Resource Development Company LLC. 'Not only will this project add 62 new homes to the Lower Maple Historic District, the project also will result in re-design of the entire corner directly across from Merrick Park and downtown Springfield. We look forward to its completion and partnering with WNC to complete the project.' In addition to 9% tax credit and federal historic credit equity proceeds, the project will be financed with a construction loan from Massachusetts Housing Investment Corporation and a permanent loan from Massachusetts Housing Partnership. The Project will also include soft financing from Affordable Housing Trust Fund and State and City HOME funds. The Project will receive proceeds from the sale of state and state historic credits, both of which will be structured as soft loans to the partnership through the non-profit, Hungry Hill Development Corporation. The project will break ground immediately and construction is expected to be completed in 2027. About WNC & Associates Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: About First Resource Development Company LLC First Resource Development Company LLC was founded in 1984 and specializes in development and management of affordable housing. To learn more, visit: MEDIA CONTACT IDEA HALL Andy Vernier [email protected] A photo accompanying this announcement is available at
Associated Press
23-05-2025
- Business
- Associated Press
Lincoln Avenue Communities Breaks Ground on its First Build-to-Rent Affordable Housing Development in Maricopa, Arizona
MARICOPA, Ariz., May 23, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on The Ranches at Gunsmoke Apartments, a ground-up development that will provide 271 units for individuals and families in Maricopa earning up to 60% of the Area Median Income. 'We are excited to break ground on LAC's first Build-to-Rent development and to partner with WNC & Associates to bring high-quality affordable housing to Arizonans,' said Ben Taylor, LAC vice president and project partner. 'The Ranches at Gunsmoke will provide sorely needed units in one of the nation's fastest-growing metro areas.' The Ranches at Gunsmoke is LAC's first Build-to-Rent (BTR) development and will consist of two- and three-bedroom duplexes and standalone homes, with each unit featuring a patio, walk-in closets, and private fenced backyards. Communal amenities will include a fitness center, pool, grilling areas, a clubhouse, and rental storage units. Additionally, a solar carport system will be installed to offset approximately 50% of the community's electricity usage. Construction is expected to be completed in 2026. 'We're excited to see this new community taking shape thanks to Lincoln Avenue Communities,' said Maricopa Mayor Nancy Smith. 'This new development addresses the needs of those who work in the city of Maricopa, whether they're hourly workers, teachers, new police officers, or even our retired senior citizens who want to be a part of a community in which they don't have to take care of the property itself.' The development's financing includes back-to-back construction and permanent loans from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC. About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents. View original content to download multimedia: SOURCE Lincoln Avenue Communities
