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From Historic Schoolhouse to Housing

Success Story

MassDevelopment partnered with Clinton Savings Bank to provide $3 million in loan financing to Maynard Bancroft LLC to support the renovation and conversion of the historic and vacant former Calvin Coolidge Elementary School at 12 Bancroft St. in Maynard into 12 units of mixed-income housing. MassDevelopment provided a $1,145,000 tax-credit bridge loan while Clinton Savings Bank provided a $1,855,000 construction-to-permanent real estate mortgage loan. The project sponsor is Civico Development, LLC, a Worcester-based development firm led by Andrew Consigli. MassDevelopment previously supported this project by providing a $570,000 grant from the Underutilized Properties Program toward the cost of construction.