MassDevelopment & HarborOne Bank Provide $11M to Convert Former Downtown Mill Property
MassDevelopment and HarborOne Bank have teamed up to provide $11.3 million in loan financing for the redevelopment of a former mill and manufacturing facility in downtown Attleboro, Massachusetts.
Developer Jonathan Cozzens plans to convert the blighted building at 54 Union St. into 43 market-rate apartments. The financing package included a construction loan, a Housing Development Incentive Program bridge loan, and a bridge loan for federal and state historic tax credits.
“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 – we should applaud Attleboro for seeing the value in both!,” said Dan Rivera, president and CEO of MassDevelopment.