The Freeport Housing Trust and Tim Gooch are developing a 42-unit apartment complex at 22 Varney Road designed for residents aged 55 and up.
Site work on the $16 million project started late last year and Lajoie Brothers Construction, based in Augusta, is now framing the three-story building. Co-developer Tim Gooch is also based in Augusta.
Matthew Peters, executive director of Freeport Housing Trust, told Mainebiz the 553-square-foot one-bedroom apartments are expected to rent for between $1,112 and $1,356. The 888-square-foot two-bedroom units will be priced between $1,340 and $1,632.
The 35,500-square-foot complex will provide amenities including a clubhouse and community kitchen, game room, laundry room and a community garden. On-site management and security cameras will help ensure safety and monitor maintenance needs.
Varney Heights, off of U.S. Route 1 in Freeport, is being financed through public and private funding sources, including a $12.2 million construction loan from Bath Savings Bank.
MaineHousing is providing a permanent loan along with two soft financing loans. Freeport Housing Trust will be providing a soft loan as well, and Irvine, Calif.-based WNC Associates Inc., in partnership with CVS Health, will be providing $8.7 million in equity through the Low-Income Housing Tax Credit Program.
Under a Tax Increment Financing arrangement, the town projects the development will generate close to $53,000 in annual revenue and the town will rebate 50% of that to Freeport Housing Trust for a 30-year term, to support project capitalization and operational costs. The trust is required to continue to offer Varney Heights units at affordable rents for 45 years.
Expected completion date for the build is February 2027.
Freeport Housing Trust currently owns 183 senior affordable units in eight properties across town.
