Trinity Financial Transforms Historic Marriner Mill into Mixed-Income Housing Project
Trinity Financial (“Trinity”), a leader in sustainable urban development, proudly announces the launch of its groundbreaking, adaptive reuse, mixed-income housing project, Fábrica Lofts. This transformative project reflects Trinity’s commitment to creating vibrant, inclusive communities that address the diverse housing needs of Lawrence.
Housing Secretary Ed Augustus joined Trinity, business and community leaders, and residents for a ribbon cutting ceremony to celebrate the $47 million development that rehabilitated a vacant, four-story building into an 87-unit apartment community at the former Marriner Mill building.
“Projects like Fábrica Lofts drive economic activity by adding valuable historic buildings back into productive use while creating much-needed housing critical to the success of Gateway cities like Lawrence,” said Massachusetts Housing and Livable Communities Secretary Ed Augustus. “Governor Healey understands that transforming communities into economic hubs requires housing that is accessible for all Massachusetts residents and is in proximity to jobs and transportation. We thank Trinity Financial and its partners at MassHousing, Red Stone Equity Partners, the city of Lawrence and TD Bank.”
Fábrica Lofts is part of a multi-phase effort to repurpose the city’s 34-acre Arlington Mills Smart Growth Overlay District into a mixed-use development and builds upon the neighboring 102-unit Arlington Point project, another historic mill building conversion that Trinity completed in 2019. This adaptive reuse approach not only preserves the historical significance of the site but also minimizes environmental impact, aligning with Trinity’s dedication to sustainable development. The building has been converted into 27 one-bedroom apartments, 40 two-bedroom apartments, and 20 three-bedroom apartments. The project’s amenity spaces include a community room, a kids’ play space, and a fitness center.
Of the project’s 87 units, 17 are restricted to those earning at or below 30% of the Area Median Income (AMI), 49 units are for those earning at or below 60% of AMI, and 21 are Workforce units for those earning up to 80% of AMI. The AMI for the Lawrence area is $121,900 for a household of four.
“MassHousing was excited to be a partner in advancing this dynamic project, which created much-needed housing for families in Lawrence,” said MassHousing CEO Chrystal Kornegay. “We congratulate Trinity Financial for their work in transforming a portion of a vacant, blighted mill building into a brand-new rental community for families of all means, offering them quality housing and economic opportunity.”
Key features of Fábrica Lofts:
- Mixed-Income Housing: With three distinct tiers of affordability, Fábrica Lofts promotes economic diversity by offering a range of housing options to accommodate various income levels.
- Innovative Design: The project’s architects and designers at ICON have crafted a modern and functional living space that seamlessly integrates with the historic elements of the Marriner Mill building. The design prioritizes energy efficiency, including a rooftop solar array, and community gathering areas to enhance the overall quality of life for residents.
- Preservation of Heritage: Originally constructed by the Arlington Mills in the late 1800s and early 1900s for wool processing, the Fábrica Lofts building was part of a larger complex that was acquired by Malden Mills in the 1950s when it relocated its operations to Lawrence from its namesake of Malden, Massachusetts. By repurposing the Marriner Mill building, Fábrica Lofts honors the rich industrial history of Lawrence. The project preserves the character and identity of the mill once owned by Malden Mills, best known for inventing fleece. The community room/lounge in the building is dedicated to Malden Mills CEO Aaron Feuerstein for his unwavering commitment to his employees in the wake of a devastating fire at a mill next to the Fabrica Lofts building in 1995, for which he was awarded the Peace Abbey Courage of Conscience Award.
“We are thrilled to unveil Fábrica Lofts, a testament to our commitment to sustainable, inclusive, and community-oriented development. By embracing adaptive reuse principles, we are not only revitalizing a piece of Lawrence’s history, but also providing a range of housing options to meet the diverse needs of its residents,” said Dan Drazen, a Vice President of Development at Trinity Financial.
The Massachusetts Department of Housing and Community Development (DHCD) committed state and federal Low-Income Housing Tax Credits to the redevelopment, which generated $26.1 million in equity financing for the project. Other financing sources included $7.9 million in federal Historic Tax Credit equity, $3.5 million in state Historic Tax Credit equity, $2.4 million of Housing Stabilization Funding from DHCD, $2.4 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD, and $200,000 in HOME funding from the city of Lawrence. Red Stone Equity Partners is the tax credit syndicator and TD Bank is both the construction lender and the tax credit investor. Boston-based Architectural Heritage Foundation is the project’s historic consultant and non-profit lender for the state Low-Income Housing Tax Credits and state Historic Tax Credits.
“Red Stone Equity Partners is excited to have partnered with Trinity on another transformative project at Fábrica Lofts, which will have a positive impact on this community. We believe that everyone deserves access to safe, affordable housing, and this project is a testament to our dedication to making that vision a reality,” said Lauren Henry, Director of Acquisitions at Red Stone Equity Partners.
In line with our commitment to addressing the housing crisis, TD Bank was proud to work with Trinity again to support this ambitious project of redeveloping the Marriner Mill into a vibrant affordable housing community for Lawrence,” said Nate Bondini, Vice President of Commercial Real Estate at TD Bank.
About Trinity Financial
Founded in 1987, Trinity is a community-driven, diverse team of real estate professionals with a proven track record of developing urban sites from New York to Greater Boston. They have the unique ability to complete complex, mixed-use projects overseeing all aspects of real estate – from finance to development to property management – on urban sites, especially those challenged by politics, infrastructure, environment or market profile. Their work spans half a dozen residential and commercial specialties, from multi-family housing to transit-oriented development. With more than $2 billion in transformative development work, they have a reputation for delivering high-quality multifamily projects resulting in a stronger urban fabric – with a commitment to people, place and partners. Their property management company, Trinity Management, was founded in 2012 and embodies an unparalleled commitment to residents and employees; enhancing communities and upholding a culture of outstanding quality, outside-the-box thinking, and diversity. For more information about Trinity Financial please visit www.trinityfinancial.com.