State Loan Aids New Bedford Rental Development

October 21, 2019 : State House News Service

A former New Bedford mill building originally built in 1865 will be redeveloped into 33 market rate rental housing units with the assistance of a $5.1 million state loan, officials announced Monday, touting the plans as an exemple of efforts to build housing near downtown areas. The MassDevelopment loan was made to Wamsutta II LLC, an affiliate of Acorn Inc., which has a reputation for using local subcontractors, engineers and attorneys, according to MassDevelopment. Plans call for Suites at Wamsutta Place, located at 61 Wamsutta St., to include studio, one-bedroom and two-bedroom loft-style units. "Acorn is pleased to work with MassDevelopment on this project," Acorn Inc. CEO Quentin Ricciardi said in a statement. "The relationship is a great fit because both organizations share a goal: serving communities by saving historically significant buildings and re-animating them into deeply needed, high-quality residences. As we continue to grow, we look forward to working with MassDevelopment on future transformative projects."