TYPE:
Mixed-Income Rental, Mixed-Use
TOTAL DEVELOPMENT COST:
$32 million
COMPLETED:
2011
Completed in 1988 as a luxury apartment complex, the 16-story Regency Tower offers dramatic harbor views and is located steps from the city’s historic downtown district. Unfortunately, the building had suffered from serious facade deterioration and water damage, due to lack of capital investment, by the time MassHousing foreclosed on the property in 2005.
In 2009 MassHousing selected Trinity Financial to acquire and redevelop the property, which was carried out at a total cost of $32 million. The building facade was replaced on floors 5 to 16, new windows and patio doors were installed throughout, and common areas were renovated as well. Apartment interiors were refurbished and fitted with new kitchens, bathrooms, and HVAC systems, and underutilized commercial space was converted to residential use, increasing the total number of units from 123 to 129, with a mix of 33 affordable units, 10 ”workforce” units, and 86 market-rate units.
Fully leased at rents above pro forma levels, the Regency Tower is arguably the most desirable high-rise apartment property in the area.
*NOTE Project completed by Mathieu Zahler as an employee of Trinity Financial.
