Image courtesy of CBRE

A New York developer has acquired a 97-unit Methuen apartment complex redeveloped under the state’s Chapter 40B affordable housing law for its first Bay State holding.

Standard Communities paid $13.8 million for the Mill Falls apartments, which received low-income and historic tax credits in a 2001 conversion of the former Methuen Cotton Mills, which was built in 1826. The 6-story elevatored property at 51 Osgood St. features 11- to 14-foot ceilings and more than 50 different floor plans.

The conversion received 4-percent tax-exempt bonds from MassHousing, requiring 40 apartments to be rented to households earning 60 percent or less of the area median income. Additionally, a loan from the state Department of Housing and Community Development required 39 units to be income-restricted through 2057.

Standard Communities specializes in preservation of affordable and workforce housing and has a portfolio totaling more than 9,000 apartments in 16 states.

CBRE’s Simon Butler, Biria St. John and John McLaughlin represented the seller, an affiliate of Silver Street Development Corp., and procured the buyer.

“Mill Falls is providing much needed affordable housing for the region and Standard Communities was able to purchase this property under a 40T exemption, by agreeing to continue to rent the restricted units to affordable households,” St. John said in a statement.