Framingham’s Bancroft building receives $48M to turn into apartments
Photo: Courtesy of Google
Framingham's Bancroft building
The owners of Framingham’s Bancroft building have secured $47.5 million in loans from three local banks and MassDevelopment to renovate the former mill and surrounding property into 258 market-rate and affordable rental housing units, according to a Wednesday press release.
The building is owned by an LLC named 59 Fountain Framingham Owner, LLC, which is registered to a Newton address. The LLC is an affiliate of Washington Square Ventures in Needham, Bedrock Estate Partners of Boston and LaSalle Investment Management in Chicago.
Avidia Bank in Hudson, BayCoast Bank in Swansea and UniBank in Whitinsville each provided the owner with one $15 million loan a piece. MassDevelopment provided the remaining $2.5 million loan, according to the press release.
The development is expected to be completed in January. It will include 160 loft units in the Bancroft building, as well as 98 units in a new L-shaped building, which will include balconies and underground parking.
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