May 12, 2008
Marlborough 2010 Establishes Loan Pool
By Eileen Kennedy
Marlborough 2010, the city’s economic development corporation, has created a $700,000 development loan fund that will provide second-lien or gap commercial loans for the new development and redevelopment of real estate.
The fund will focus on projects in the city’s historic downtown and its French Hill neighborhood, according to city officials. The fund will involve six local lending institutions: Sovereign Bank, St. Mary’s Credit Union, Middlesex Savings Bank, Marlborough Savings Bank, Avidia Bank and Marlborough Co-Operative Bank. The fund will operate out of the Marlborough Development and Financial Assistance Fund LLC, a subsidiary of Marlborough 2010.
The minimum loan will be $50,000, and the maximum will be $150,000, or 20 percent of the fund’s commitments, whichever is greater. The financing will not exceed 10 percent of estimated project costs.
Marlborough 2010 can be reached at (508)229-2010.
The fund will focus on projects in the city’s historic downtown and its French Hill neighborhood, according to city officials. The fund will involve six local lending institutions: Sovereign Bank, St. Mary’s Credit Union, Middlesex Savings Bank, Marlborough Savings Bank, Avidia Bank and Marlborough Co-Operative Bank. The fund will operate out of the Marlborough Development and Financial Assistance Fund LLC, a subsidiary of Marlborough 2010.
The minimum loan will be $50,000, and the maximum will be $150,000, or 20 percent of the fund’s commitments, whichever is greater. The financing will not exceed 10 percent of estimated project costs.
Marlborough 2010 can be reached at (508)229-2010.
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