New housing investments coming to Massachusetts
(The Center Square) – A blighted former mill site in Attleboro is being converted into housing.
MassDevelopment and HarborOne Bank will deliver $11.3 million in loans to 54 Union Street LLC, led by developer Jonathan Cozzens, to transition the former mill and manufacturing facility into 43 market-rate apartments, the organization said Monday.
The site, constructed in 1908, according to a release, was the former site of Pcraft Jewelry, which has since relocated. HarborOne Bank and MassDevelopment were 50-50 partners in delivering the financing, which featured a construction loan, Housing Development Incentive Program bridge loan, and federal and state historic tax credits as a bridge loan.
“Adding 43 market-rate apartments helps us fight the housing crisis and diversifies the housing stock with a mix of market rate and affordable units across the community,” MassDevelopment president and CEO Dan Rivera said in a statement.
According to the release, the location, 54 Union St., is currently part of MassDevelopment’s Transformative Development Initiative, which is designed to speed up growth in featured areas of Gateway Cities.
“The revitalization of 54 Union Street honors Attleboro’s rich industrial history while creating 43 modern transit-oriented market-rate apartments in downtown,” HarborOne Institutional Lending Market Leader John McBride said in a statement.
Attleboro Mayor Cathleen DeSimone said the project is centered around people.
“This is truly a win-win for Attleboro,” DeSimone said in a statement. “We preserve the character of the city while adding more housing, which is vital to our ongoing downtown revitalization project because it means more foot traffic and more shops and restaurants.”
