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Boston & New England  + Metro Boston  + Apartments  | 
Eastern Bank has provided $14 to the Arts & Business Council of Greater Boston to acquire the Western Avenue Studios & Lofts in Lowell, MA.

Arts & Business Council of Greater Boston Acquires $14M Artist Work-Live Complex

Eastern Bank has provided a $14-million loan to the Arts & Business Council of Greater Boston for its landmark purchase of the Western Avenue Studios & Lofts in Lowell, MA.

The WASL complex includes 240,000 square feet of space, 250 work-only artist studios, 50 live/work studios, and a brewery, café and gallery.

The Arts & Business Council of Greater Boston seeks to empower artists and organizations with the resources they need to practice their crafts and grow their businesses. The purchase of Western Avenue is part of the organization’s Creative Campus Initiative, a response to gentrification in Greater Boston and the resulting loss of affordable maker spaces for creative communities. This purchase ensures that the artists spaces at Western Avenue Studios & Lofts will remain affordable, community-based and dedicated to creative businesses.

“As our local communities gentrify, access to capital to preserve their arts spaces becomes challenged,” said Jim Grace, executive director of the Arts & Business Council of Greater Boston.

“Affordable housing is essential to keeping our local economy thriving and growing,” said Pamela Feingold, SVP with Eastern Bank. “Through a collaborative financing model with our community partners, the Western Avenue Studios & Lofts building will be preserved and rent for practicing artists will be kept affordable.”

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Inside The Story

Eastern Bank's Feingold

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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