URBAN TRANSFORMATION
Realizing the full potential of real estate to benefit all stakeholders is a Wingate Companies hallmark. That principle is the driving force behind 95 Saint, a new residential development just steps away from Boston’s bustling Longwood Medical Area. When completed in 2021, the 115-unit building on Saint Alphonsus Street will replace an aging parking garage and elevate the entire neighborhood.
The new building at 95 Saint will complement another Wingate holding located next door, The Longwood, a 147-unit Class B multifamily apartment community built in 1964 and acquired by Wingate in 2007. The building underwent major interior upgrades, significantly increasing its value, desirability and cash flow. As part of this repositioning, Wingate provided $500,000 in resident support, including guaranteed rent protection for long-time residents and $1 annual rent for an onsite daycare center, among other supports.
The success of The Longwood created significant equity that enabled an innovative supplemental funding structure for 95 Saint, which also includes HUD financing and private financing by Walker & Dunlop.
The property at 95 Saint will meet all Boston inclusive zoning requirements, including earmarking 20% of the units as affordable housing. Much time and effort was involved in receiving city approval, including neighborhood input.
In addition, it will become a source of underground parking for both properties. During the construction period, Wingate is taking great care to honor its commitment for dedicated parking for The Longwood’s residents by leasing spaces for them from another nearby property.
Throughout the process, the Wingate team partnered with the community, with residents and with financing partners to create two first-class properties that benefit all concerned.
