A planned redevelopment of a historic former mill building in downtown Franklin is set to go ahead after the delivery of a $33.8 million financing package.
Chinburg Properties hopes to convert the Stevens Mill building into a mixed-use multifamily building with 153 apartments and 27,693 square feet of commercial space. Locals hope the project will help advance the city’s revitalization efforts.
The financing package was assembled by Franklin Savings Bank and Lebanon-based Mascoma Bank, with participation from Androscoggin Bank, the NH Business Finance Authority, the Capital Regional Development Corp. and the Regional Economic Development Center according to a joint announcement from Mascoma and Franklin Savings.
“Housing continues to be the focal point of discussions at the state level as many individuals and families are challenged with finding workforce housing options,” Franklin Savings’ Regional Vice President John Bortolotto said in a statement. This project will bring quality housing along with job opportunities to an area that is receiving a lot of interest from developers and investors as part of Franklin’s revitalization.”
Twenty percent historic preservation tax credits were also used. Mascoma’s specialized group dedicated to navigating complex government tax credit programs was instrumental in assembling the deal, the joint announcement said.
“Mascoma Bank is always proud to partner with other community banks to help make a positive impact in our communities,” Mascoma Senior Vice President Community Development Lending Michelle LeClair said in a statement. “We were pleased to be invited to lead the transaction offering our historic tax credit lending expertise to help redevelop these five historic mill buildings. We are excited to see this project deliver more quality housing, jobs, and economic development opportunities in the greater Franklin area. As a certified B corporation, we strive to use business as a force for good, and this project is in line with our values as a bank and a community partner.”
For the renovation, Chinburg plans to revamp all five of the Stevens Mill buildings along Canal Street in Franklin, which the company bought in 2017. The apartments will include studio, one- and two-bedroom units with finishes like granite countertops, stainless steel appliances, oversized windows and exposed brick. Amenities will include a clubroom, patio area, fitness center, pet-washing room, a roof deck along with views of the city’s new whitewater park on the Winnipesaukee River.
Leasing is expected to begin in mid-2023.
The residential space will be complemented by ground-floor commercial space in two of the mill’s five buildings, slated to be available this fall. Franklin Savings’ and Mascoma’s joint announcement indicated a local brewery could become a tenant in one building’s retail space.
“I am pleased to be involved in this project and the impact it will have on Franklin and all the positive changes occurring in the area. I appreciate the assistance of all the parties involved, and the time devoted to move this project forward,” Chinburg Properties principal Eric Chinburg said in a statement.
