Originally constructed in 1879 as a textile facility, Abbot Mill grew to become one of the world’s largest producers of carpet yarns — helping the community grow and providing low-cost housing for its employees in Westford, Massachusetts. More than a century later, the property was listed on the National Registry of Historic Places and was restored into a residential community featuring modern apartments and sustainable living.

In 2024, we worked with Optigo® lender JLL and their sponsor Aker to finance a $49 million Conventional fixed-rate loan to support the ongoing maintenance and future improvements of Abbot Mill — a 234-unit garden-style apartment complex.

The Past Meets the Future

The previous owner, Yule Development focused on the historic preservation of the property, featuring original wood flooring, exposed brick walls, steel beams and restored artifacts from the original mill. They were also forward thinking in their renovations, making Abbot Mill not only historic but also innovative and environmentally friendly, through extensive sustainability efforts that facilitate greener living.

Modern Living with Renewable Energy

Abbot Mill sits on 7 acres of landscaped grounds, with a water canal that powers a hydrothermal system to generate energy efficient heating and cooling. The property also has two separate rooftop solar panel systems that service the complex, providing more than 300 kilowatts in non-carbon energy.

  • Ariel view of Abbot Mill property and it's solar panels

    Ariel view of Abbot Mill property and the solar electric panels installed on the roof.

  • Abbot Mill Resident Interior

    The inside of an apartment at Abbot Mill.

  • Abbot Mill Hydropower Canal

    The water canal at Abbot Mill that powers the hydrothermal system.

  • Abbot Mill Communal Area

    A communal space at Abbot Mill showcasing the historic architecture and exposed brick walls.

“Abbot Mill has successfully integrated solar and renewable energy resources that are making a positive impact for residents, the community and the environment,” says John Caulfield, production manager at Freddie Mac Multifamily. “We’re proud to provide funding that supports sustainable multifamily properties, whether there’s an existing green feature in place or it’s a future adaptation.”

The apartments at Abbot are also equipped with Energy Star appliances, LED lighting, high-performance insulation, air sealing, and ventilation systems — with the aim of increasing energy efficiency and lowering utility costs for residents and property owners.

All these improvements help create an affordable, green living space, and set the foundation of renewable power for years to come. Supporting sustainability is an important part of our mission — and a way to make a lasting impact on residents’ lives and communities nationwide.

Discover more ways to finance a sustainable multifamily property through our Optigo products.