In partnership with Clinton Savings Bank, MassDevelopment has provided a $3 million loan to Maynard Bancroft LLC for the renovation and conversion of the historic Calvin Coolidge Elementary School in Maynard, MA. The project will transform the vacant building at 12 Bancroft St. into 12 units of mixed-income housing.
The financing package includes a $1,145,000 tax-credit bridge loan from MassDevelopment and a $1,855,000 construction-to-permanent real estate mortgage loan from Clinton Savings Bank. Civico Development LLC is leading the project as its sponsor and construction began in August with an expected completion date in mid-2025.
Situated next to a public park in downtown Maynard, the two-story building spans 13
