Holden Multi-residential Development Receives Financing

Photo courtesy of Bluestone Residential, Inc.

Holden, MA – MassDevelopment has partnered with Fidelity Bank to provide $6.1 million in loan financing to Jefferson Mills LLC, an affiliate of Bluestone Residential Inc., which will use proceeds to redevelop a long-vacant mill building at 1665 Main St. in Holden into 28 one-, two-, and three-bedroom apartments.

The overall 2.67-acre complex features two mill buildings, totaling 62,922sf, which have been vacant for nearly 30 years. The redevelopment of 1665 Main St. is the first phase of an expected two-phase project by Jefferson Mills LLC to redevelop both mill buildings in the complex. MassDevelopment and Fidelity Bank were 50-50 participants in the loan.

“We had been actively encouraging the former owners of the Jefferson Mill to redevelop the property after decades of dormancy,” said Holden Town Manager, Peter Lukes. “Tim Adler and Daniel Stroe have a great track record and when they entered the picture we knew that things were on the right track. MassDevelopment is always instrumental in these types of projects and their partnership in Holden is no different. The Town is looking forward to assisting further to facilitate a quick and successful transformation of the old mill into attractive housing.”