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Boston & New England  + Metro Boston  + Finance  |  November 25, 2024
Paul Bubny
By: Paul Bubny

Redevelopment of Former Elementary School Receives $3M Financing

MassDevelopment has partnered with Clinton Savings Bank to provide $3 million in loan financing to Maynard Bancroft LLC to support the renovation and conversion of the historic and vacant former Calvin Coolidge Elementary School at 12 Bancroft St. in Maynard, MA into 12 units of mixed-income housing.

The agency provided a $1,145,000 tax-credit bridge loan, while Clinton Savings Bank provided a $1,855,000 construction-to-permanent real estate mortgage loan. The project sponsor is Civico Development, LLC, a Worcester-based development firm led by Andrew Consigli. Construction began in August and is expected to be completed by the middle of 2025.

Located in downtown Maynard next to a public park, the two-story, 13,553-square-foot building will feature three two-bedroom units, seven one-bedroom units, and two studios. Nine of the units will be rented at market rates and three will be rented to households earning between 60% and 80% of area median income. The property will also include 17 surface parking spaces.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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