WinnDevelopment Secures Financing for Mixed-I...

The Waterhouse Residences Will Deliver 116 Units for Deaf, Deafblind, and Hard of Hearing Seniors

BOSTON (Nov. 9, 2026) - WinnDevelopment today announced it has secured financing for The Waterhouse Residences, a new mixed-income community that will provide 116 apartment homes for Deaf, Deafblind, and Hard of Hearing seniors on the Danvers, MA, campus of New England Homes for the Deaf (NEHD).

Funding for the $48 million construction effort closed October 20th following six years of design, planning and entitlement partnership by WinnDevelopment and NEHD, a life plan community that has served the Deaf, Deafblind, and Hard of Hearing community for 125 years. Work is underway and scheduled for completion in spring of 2028.

"The Waterhouse will be a first of its kind community for WinnDevelopment, thoughtfully designed to serve a unique resident population in partnership with an organization that shares our commitment to creating lasting, positive impact," said WinnDevelopment President Adam Stein. "We're excited to partner with NEHD to bring our shared goals and NEHD's mission to life, and thankful for the support of our public and private sector partners."

Apartments and shared spaces in The Waterhouse Residences will be designed to make it easier to navigate and be more supportive of independent living for seniors with hearing and other disabilities or who are simply dealing with the many new challenges that can come with aging.

The three-story, 136,970-square-foot community will feature wide, gently curved corridors and open sightlines to support visual communication and awareness, including continuous hallway handrails, step-free entries, power-operated doors, tactile flooring transitions, and distinct elevator-lobby finishes to help residents orient themselves and move through the building. Enhanced life safety systems in every apartment will include visual alerts, strobes, and bed-shaker systems.

"Over the years, NEHD has explored a variety of options for the undeveloped land on our campus, but none aligned as closely with our mission as the opportunity we found through our partnership with WinnDevelopment," said NEHD CEO and Executive Director Daniel Burns. "This project represents a significant step toward securing NEHD's future while expanding housing opportunities for the Deaf and Deafblind community. We are proud to be working with a partner who shares our commitment to serving this community and supporting its long-term needs."

The Massachusetts Executive Office for Housing and Livable Communities (EOHLC) awarded state and federal Low-Income Housing Tax Credits for the community. EOHLC also delivered support from the Housing Stabilization Fund and Non-Federal Investment Trust. The agency also partnered with the Community Economic Development Assistance Corporation (CEDAC), to provide funds from the Community-Based Housing program and the Facilities Consolidation Fund.

"Building more affordable housing means making sure the homes we create serve people of all abilities," said Housing and Livable Communities Secretary Juana Matias. "The Waterhouse will provide Deaf, Deafblind and Hard of Hearing older adults with homes designed to support their independence and connection to community. We're proud to be a partner in this project and advance the Healey-Driscoll Administration's commitment to accessible, affordable housing."

MassHousing delivered a tax-exempt bridge loan, a first mortgage and an award from the Affordable Housing Trust Fund. "MassHousing is excited to be part of this development to create new housing on the campus of the New England Homes for the Deaf that will have a preference for the Deaf, Hard of Hearing, and Deafblind community," said MassHousing CEO Chrystal Kornegay. "This is a great opportunity to use surplus land on the campus to add 116 new apartment homes for residents with a range of incomes."

The Town of Danvers awarded funds to support The Waterhouse Residences through its Affordable Housing Trust. "For Danvers, the project offers an opportunity to grow a small but critical community and to help the Town achieve its ongoing affordable housing goals," Danvers Town Manager Jill Cahill said. "The Waterhouse demonstrates how smart development gets done. The number of partners involved in this project is a testament to how important it is to provide affordable housing not just to the area's seniors, but to individuals and households living with hearing and vision disabilities."

Bank of America purchased the state and federal tax credits to the community and provided the project's construction loan. "Bank of America is pleased to provide a construction loan and tax credit investment to help finance much-needed affordable for seniors with hearing and vision disabilities," said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. "The Waterhouse is a great example of the impact we can make through public-private partnerships, connecting residents to health and supportive resources, in the communities where we work and live, like Danvers."

The community will offer 79 one-bedroom apartment homes, 21 two-bedroom units and 16 studios.

Of the 116 new apartments, 72 will be leased for adults aged 55 or older with incomes at or below 60% of Area Median Income (AMI). Twenty-one (21) apartments will be deeply affordable at or below 30% AMI. Twenty-three (23) apartments will be rent-restricted at or below 165% of AMI.

The Waterhouse Residences will be designed and built as a Passive House community, meaning it will meet or exceed the world's most stringent standards for reduced energy use for heating and cooling. The Massachusetts Department of Energy Resources (DOER) awarded the project a $1.74 million grant to support all-electric heating and hot water systems, advanced controls, electric vehicle charging stations, and provisions for renewable energy that help advance the state's decarbonization goals.

Robinson+Cole served as legal counsel for the financial closing.

WinnDevelopment Vice President Steve Senna and Assistant Project Director Brendan Julian will oversee the development. Windover Construction of Beverly, MA, is serving as general contractor, using designs by the architectural firm CUBE 3. Weston and Sampson, Inc., of Reading, MA, is serving as civil engineer.

ABOUT WINNDEVELOPMENT

As the development arm of Boston-based WinnCompanies, WinnDevelopment creates and revitalizes high-impact mixed-income apartment properties through award-winning new construction, renovation and adaptive reuse techniques. The company prioritizes true mixed-income communities for households of all incomes. WinnDevelopment's track record of success has earned it a reputation as a trusted, stable community development partner among local planners, public sector agencies and private sector financiers. The company offers integrated asset management services, pioneering environmentally sustainable design and leading property operations expertise. Learn more at WinnDevelopment.

ABOUT NEW ENGLAND HOMES FOR THE DEAF

Founded in 1901, the mission of New England Homes for the Deaf (NEHD) is to provide long-term healthcare, housing, recreational activities and social support for Deaf, Deafblind and hard of hearing individuals in an accessible, barrier-free and culturally sensitive environment with optimal communication and architectural resources. NEHD's life plan community in Danvers, MA, is the only one of its kind in the United States and includes a skilled nursing, respite care, and independent living facilities.

MEDIA CONTACT

Ed Cafasso
[email protected]
Call or Text: 617-455-9651

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