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Berry Farms Apartments, North Andover, MA

Berry Farms Apartments, North Andover, MA

Project Name: Berry Farms Apartments, North Andover, MA

Summary: A 196-unit development, built under Chapter 40B, featuring four residential buildings and a free-standing clubhouse. It includes amenities such as a pool, fitness center, garage parking, in-building elevators, and Amazon HUB.

Start Date:  2014

Completion Date: 2016

Investment Date: 2014-2016

Total Cost: $40 million

Lender: Citizens Bank

Developed by: North Andover Holdings, LLC; Eric B. Loth, Jr. / Andrew Dolben, (Managers): A joint venture between MINCO & Dolben Company, Inc.

Stakeholders: Town of North Andover, MA, MINCO Corporation (North Andover Holdings, LLC), Dolben Company, Inc.

MINCO Founder and President Louis P. Minicucci, Jr., about Berry Farms: “Providing housing to people from all walks of life has been the driving force of my career, which made bringing this project to my own hometown particularly satisfying. This is a very attractive, appealing project.”

 

KEY CHALLENGES

During more than a year of public hearings, a few concerns kept returning:

  • School impact. Would the new development add children to the North Andover public schools?
  • Traffic patterns: Would the new development increase area traffic?
  • Historic preservation: How could a historic farmhouse on the property be preserved and also comply with the Americans with Disabilities Act (ADA)?
  • Land conservation: How much of the 28-acre site would be developed?
  • Curb appeal: How would the developer ensure that the buildings fit into the surroundings?

 

MINCO SOLUTIONS

  • Sensitively utilized chapter 40B exemptions to create a community-oriented housing development where 25% of the homes are rented to people searching for an affordable, and/or ADA compliant, place to live.
  • Built an exact replica of the original farmhouse in compliance with ADA standards and made the new structure the apartment clubhouse.
  • Designated 20 of the 28-acre property conservation land with several hiking trails and two ponds.
  • Designed the apartment buildings to match the colonial style of many area homes.
  • Proved the development would primarily not attract families with children, but rather empty nesters and professional young couples who are not yet ready to buy a home.

 

COMMUNITY IMPACT

Improved home selection: With a median listing home price of $589,000, the North Andover real estate market is considered very competitive. Berry Farms Apartments adds an accessible alternative to residents with low to moderate incomes and expands the limited number of rental homes.

Open space conservation: Over 70%, or 20 acres, of the 28-acre site have been permanently conserved. The impact is felt not just by the Berry Farms residents who enjoy nature views from their apartments, but also by the community at-large which avoids urban sprawl in favor of compact development.

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This Company Overview Guide had been prepared solely for informational purposes and is being furnished solely for use by qualified investors or lenders to provide background information on MINCO Development Corporation. The Company Overview Guide is confidential and may not be reproduced. Under no circumstances should this Company Overview Guide be considered as an offer to sell or a solicitation of an offer to buy any security or make any investment. The contents of this Company Overview Guide are not to be construed as legal, accounting, business or tax advice. All the developments listed in this brochure, both completed and proposed, were developed in single purpose entities generally LLCs or Corporations. Each project is independent of the other. MINCO Development Corporation does not hold any ownership position in any of the developments or assume any of the liabilities whatsoever. Mr. Minicucci has participated in various roles in these developments which include sponsor, manager of LLC, limited partner, and/or guarantor. Projects listed herein are only a sample of past projects. In addition MINCO Corporation performs sales, leasing, appraising, and real property consulting for large scale residential, retail and commercial industrial developments. The return data for investments set forth herein is for informational purposes only. It has not been audited or otherwise verified by any outside party. No assurance can be given that the investment objectives of future projects of the Company, or its subsidiaries, will be achieved or that an investor will receive a return of all or part of his or her investment. Investment results may vary substantially over any given time period. THIS CONFIDENTIAL INFORMATION SHALL NOT BE DEEMED AS A COMPLETE REPRESENTATION OF THE STATE OF AFFAIRS OF THE COMPANY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS MEMORANDUM.