Worcester, MA – MassDevelopment has partnered with Main Street Bank in Marlborough to provide a $2.78 million commercial real estate mortgage loan to North Village Lofts LLC, a partnership between Worcester developers Timothy Adler and Daniel Stroe.
Main Street Bank was the lead lender on the financing, and MassDevelopment contributed $1.3 million to the loan. North Village Lofts is using loan proceeds to buy and renovate the former Indian Hill Schoolhouse at 155 Ararat Street, converting the building into 23 market-rate rental housing units. MassDevelopment also enhanced the financing with a guarantee.
In addition to re-activating an underused property, the developers plan to preserve the schoolhouse building’s brick, wood beam, and stucco gothic exterior and many interior architectural elements.
The property was built in 1925 as a public elementary schoolhouse. The city of Worcester declared it a surplus property in 1981 and sold the building to a private secretarial school that occupied it until 2006. After being vacant for more than a decade, the building is expected to be ready for occupancy in early 2019.