News  Healey-Driscoll Administration breaks ground on 92 new homes at Newburyport Crossing

NEWBURYPORT – Ground was broken today for the third phase of Newburyport Crossing, which will create 92, new, mixed-income apartment homes adjacent to the Newburyport Commuter Rail Station and the city’s Clipper City Rail Trail. 

MINCO Development Corporation is developing the third phase of Newburyport Crossing with financing through the Healey-Driscoll Administration’s Momentum Fund, which is managed by MassHousing, construction financing from Rockland Trust, and MINCO Development and its affiliates. MassHousing is also partnering with Berkadia and Freddie Mac to provide permanent financing for the project. 

The third phase is being developed in a four-story building and will add 92 apartment units to the 160 units developed by MINCO in the first two phases of Newburyport Crossing.  

“Building more housing is one of our top priorities, and the Momentum Fund is putting that commitment into action,” said Governor Maura Healey. “We created this fund to help move housing projects into construction faster, and in Newburyport that means 92 new homes are now moving forward. We’re going to keep using every tool we have to build more homes and lower housing costs across Massachusetts.” 

“The Healey-Driscoll Administration is putting innovative tools to work to build more homes across the Commonwealth, and Newburyport Crossing is a great example of what that looks like in action,” said Housing and Livable Communities Secretary Juana Matias. “By leveraging public investment, we're helping unlock 92 new transit-oriented homes, on top of the 160 already developed at this site. That's exactly what the Momentum Fund is designed to do: move strong projects forward and deliver the housing Massachusetts residents need.” 

“This is exactly the kind of housing we need in Newburyport, high-quality rental and affordable housing at different price points, located steps from public transportation and close to our downtown. Lou Minicucci and MINCO have been tremendous partners to the City, and they continue to demonstrate that you can create great projects while also helping communities address the very real housing challenges we face,” said Newburyport Mayor Sean Reardon. “I also want to thank the Healey-Driscoll Administration and the Executive Office of Housing and Livable Communities for believing in and investing in this project. This is smart, transit-oriented development that will provide more opportunities for our workforce, young professionals, and seniors to call Newburyport home, while also creating a new commercial opportunity at this location.” 

“MassHousing is thrilled to support the development of the latest phase of Newburyport Crossing, which will offer its future residents quality rental housing options steps away from a commuter rail station and with immediate access to Route 1,” said MassHousing CEO Chrystal Kornegay. “Momentum Equity is helping to accelerate new mixed-income housing growth in communities like Newburyport where it is needed the most and putting innovative finance to collaboratively work to address the state’s housing needs.” 

“MassHousing’s commitment to assist MINCO in funding the third phase of Newburyport Crossing has been transformative. Their participation has allowed us to overcome construction challenges and costs, enabling and providing much needed affordable housing to the Newburyport community. MINCO CEO Eric Loth, Jr., who was responsible for coordinating with MassHousing, would like the entire team there for their commitment and for their creative and dedicated effort to bring this project to reality,” said MINCO President Louis P. Minicucci Jr. 

"Arrowstreet is proud to have contributed as the architect of Newburyport Crossing at Parker Street for Minco," said David Bois, partner at Arrowstreet. "The project embodies the Commonwealth’s commitment to creating sustainable, affordable, and diverse housing opportunities across Massachusetts. Our design draws inspiration from Newburyport’s distinctive architectural character, reinterpreting its historic forms through a contemporary palette of brick and metal. The interior design draws inspiration from the city’s rich maritime history, creating spaces that connect the building’s modern identity with the character and heritage of its surroundings."

Created through Governor Healey’s Affordable Homes Act, the $50 million Momentum Fund is a new financing tool designed to help build more mixed-income housing across Massachusetts. The Momentum Fund is moving low-cost public investment alongside private investment to help housing development start into construction more quickly. The Momentum Fund offers developers of mixed-income housing an efficient and predictable source of stable equity financing. Momentum Equity is not a subsidy or a grant, but it is designed to be flexible compared with other equity available in the commercial market. Momentum Equity financing is designed to blend with privately financed equity and revolve over time, creating a permanent source for mixed-income housing growth. 

In Newburyport, the Momentum Fund is allowing the construction of new housing that had been permitted and shovel-ready for years. Newburyport Crossing Phase III received its Chapter 40R Smart Growth District Plan Approval in 2022.  

Of the 92 apartments, 23 will be income restricted for households earning up to 80 percent of the Area Median Income (AMI). There will be 23 studios, 30 one-bedroom units, 24 two-bedroom units, and 15 three-bedroom units. 

The development amenities will include a two-story foyer, library, top-floor lounge, outdoor deck, fitness center, bike storage, courtyard and patio, and pet wash area. The site is bordered by US Route 1 and the Clipper City Rail Trail. Downtown Newburyport is one mile away and MBTA Newburyport Commuter Rail station and regional bus service are located within a five-minute walk. 

Republic Building Contractors is the general contractor and Arrowstreet, Inc. is the architect. 

The Momentum Fund was created by the Healey-Driscoll Administration under the Affordable Homes Act, the largest and most ambitious housing bond bill in Massachusetts history. This new tool in the state’s housing toolkit accelerates housing production, especially middle-income units, without relying on typical grant and subsidy resources. The fund leverages low-cost capital and the expertise of private developers to help already permitted, much-needed housing projects begin construction. By leveraging this new financing tool, MassHousing can help build more homes sooner and provide much-needed units for families, seniors and young adults.  

To date, the Momentum Fund has advanced the development of more than 400 new mixed income rental homes, including 140 new affordable rental homes. Additional financing commitments will be announced over the coming months. 

About The Executive Office of Housing and Livable Communities 

HLC was created in 2023 to create more homes and lower housing costs for Massachusetts residents. Since taking office, the Healey-Driscoll Administration has advanced a comprehensive housing strategy that includes the Affordable Homes Act, statewide accessory dwelling unit reforms, MBTA Communities implementation, Seasonal Communities designation, the Momentum Fund, the Commercial Conversion Tax Credit and expanded Housing Development Incentive Program awards to support new housing production across Massachusetts.    

About MINCO Development Corporation 

MINCO Development Corporation was established in 1982 by Louis P. Minicucci Jr. on the foundation of hard work, accuracy and a dedication to delivering the best real estate services possible. That commitment has remained strong through the years and is evident in the planning, permitting and development of more than 3,500 residential units. MINCO is a real estate company engaged in development, servicing every major sector in the real estate market, including retail, residential and commercial. It is one of the biggest and most respected commercial real estate companies in the Merrimack Valley of Massachusetts. MINCO and Minicucci have been involved in many multifamily housing developments, including assisting local housing authorities in developing 400 units of state- or federally funded public housing for cities and towns in the early 1980s. MINCO transitioned to developing multifamily projects with Chapter 40B and has also developed transit-oriented housing using both Chapter 40R and local zoning. For more information, visit www.mincocorp.com. 

About MassHousing  

MassHousing (The Massachusetts Housing Finance Agency) is an independent, self-sustaining public financial institution created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. MassHousing makes investments to expand housing opportunities and strengthen communities. Since its inception, MassHousing has provided more than $32 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com.