Development Profiles
Workforce Housing
Gateway North
February 25, 2019

The new 71-unit Gateway North was built with working families in mind. In fact, the property was the first to receive funds through MassHousing's Workforce Housing Initiative.

Developed jointly by HUB Holdings LLC and the Lynn Housing Authority and Neighborhood Development (LHAND), Gateway North received $21 million in MassHousing financing, including $1.6 million in Workforce Housing Funds.

Gateway North was built on a vacant parking lot centrally located in Lynn's Sagamore Hill District, near a business and retail hub and across the street from North Shore Community College. It site just blocks away from a commuter rail station and offers easy access to major highways.

The development includes 53 traditional affordable housing units, 10 workforce units and eight market-rate units. It includes a mix of one-, two- and three-bedroom apartments with energy efficient appliances, as well as a gym and community room.

Gateway North also received funding from LHAND, the AFL-CIO Housing Investment Trust, City of Lynn HOME funds, Boston Capital, Neighborhood Development Associates, EDIC/Lynn and the Massachusetts Department of Housing and Community Development.

Transaction Facts

Developer: HUB Holdings LLC & Lynn Housing Authority and Neighborhood Development

Management Company: Peabody Properties

Total Loan Amount: $21 Million