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Bancroft Lofts Update 02/14/18

258 Downtown Framingham apartments move forward as developers acquire property and financing

Greenfield Partners and KIG Real Estate Advisors’ approved 258-unit apartment development in Downtown Framingham is moving forward, as the developers have acquired the project site, located at 59 Fountain Street, as well as construction financing for the project. The three-acre project site, which includes a 31,000-square-foot historic mill that will be restored as part of the project, was acquired for $3.75 million. Avidia Bank has provided $47.5 million in construction financing towards the development, which is expected to break ground in Spring 2018.

59 Fountain Street will include loft-style studio, one- and two-bedroom apartments, including 160 in the historic mill and 98 in a new-construction six-story building. Resident amenities will include a rooftop garden and function space, a pool terrace, multiple common spaces and on-site vehicle and bicycle parking. 59 Fountain Street is located steps from the Framingham MBTA commuter rail station.

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