Leominster, MA – MassDevelopment has provided $2,750,000 in loan financing to 34 Tremaine Street, LLC, an affiliate of Cougar Capital Management, to renovate and convert a historic and long-vacant former industrial building at 34 Tremaine St. in Leominster into 17 market-rate apartments.
Built in 1890, the building was previously home to several manufacturers during the 20th and 21st centuries and has been vacant since 2008. Once renovated, the building will offer three studio units and 14 one-bedroom units. Construction will begin this spring and is expected to be complete in spring 2024.
MassDevelopment’s loan financing included a $2,250,000 construction-to-permanent commercial real estate loan and a $500,000 tax credit bridge loan. MassDevelopment also previously supported the project in 2022 by awarding a $725,000 grant from the Commonwealth’s Underutilized Properties Program to fund renovations and improvements to the building. The project is also supported by state and federal historic building tax credits.
“In historic buildings that were once critical to central Massachusetts’ manufacturing industry, developer Dan Botwinik and his team see prime properties with the potential to be transformed into housing,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is pleased to support Cougar Capital Management as it continues to invest in the Gateway City of Leominster, revitalize vacant buildings, and create housing in and around its downtown.”
Located in downtown Leominster, 34 Tremaine St. was previously owned by companies such as the Earl Company Factory, the Howe Comb Company, and the Cornelius E. Buckley Company.
“We are excited for our third historic adaptive reuse project in Leominster, Mass. with help from MassDevelopment,” said Cougar Capital Management owner, Dan Botwinik. “34 Tremaine has sat vacant for over 15 years and this project will bring much-needed market-rate housing to a downtown location while revitalizing a historic mill building in desperate need of rehabilitation. Without the support from MassDevelopment and the City of Leominster this piece of American history would have been lost.”