Mary D. Stone Elementary School Redevelopment Update 07/07/20

Western MA Senior Housing Project Gets $14.284M in Financing

Penrose Holdings has closed on two mortgages for the Mary D. Stone Redevelopment in Auburn, a state Tax Credits Loan of $6,384,000.00 through Bluehub Loan Fund & a $7.9M mortgage through Citizens Bank. The approved project would convert the former elementary school to 12 apartments plus add a new 4-story building with 43 units. All units will be reserved for seniors, with 45 being designated affordable.

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