Framingham, MA – MassDevelopment has partnered with Avidia Bank, BayCoast Bank, and UniBank to provide 59 Fountain Framingham Owner, LLC with $47.5 million in loan financing to redevelop the former Bancroft building and surrounding property at 59 Fountain Street in Framingham into 258 market-rate and affordable rental housing units.
Avidia Bank, BayCoast Bank, and UniBank each provided $15 million loans, with MassDevelopment providing a $2.5 million loan. 59 Fountain Framingham Owner, LLC is an affiliate of Washington Square Ventures, Bedrock Estate Partners, and LaSalle Investment Management.
The development is expected to be complete January 2021, and will feature 160 loft-style units within the former mill building and 98 units in a new L-shaped, podium-style building that will feature outdoor balconies and underground parking. Residents will have access to nearby public transportation and other amenities such as an outdoor pool, patio deck, community room, workout facility, and walking trails.
Originally constructed in 1910 as a shoe factory, the Bancroft building is a four-story wood-framed and concrete structure that overlooks Farm Pond and downtown Framingham. The building was later used to manufacture automobiles and headwear, and most recently, artists, artisans, and craftsmen utilized the building as a living and working space.