WinnCompanies picks up affordable housing asset in Peabody, MA

The Tannery, a 284-unit affordable housing community in Peabody, Mass. has been sold to WinnCompanies in a $36 million deal. Located at 18 Crowninshield St., the property consists of 20 studios, 234 one-bedroom and 30 two-bedroom apartments. The deal was completed with a $49.3 million loan from MassHousing. The asset was acquired through Chapter 40T, a state law designed to prevent publicly assisted affordable housing from being converted to market rate rents. Once work on the complex is completed, the apartments will remain affordable for the next 40 years.

“The sale of the Tannery to Winn will enable many low-income Peabody residents to remain in their homes and continue to be part of our community,” said Mayor Edward Bettencourt Jr. “It will also secure a significant portion of Peabody’s affordable housing stock for decades to come.”