**MPZ, Capstone Secure Financing for Baldwinville School Redevelopment in Templeton, MA**
MPZ Development LLC and Capstone Communities LLC have closed on the financing for the Baldwinville School Apartments redevelopment project in Templeton, Massachusetts. With funding in place, this marks the beginning of development on the town’s first multifamily housing venture to be permitted in more than 25 years.
The historic Baldwinville Elementary School will be transformed into 54 rental units, with 49 of those units designated as affordable housing for households earning between 30% and 60% of the area median income. The project is supported by financing from the Massachusetts Executive Office of Housing and Livable Communities, MassHousing, Rockland Trust, National Equity Fund, the Massachusetts Historical Commission, and The Life Initiative.
Designed by ICON Architecture, the redevelopment will include the construction of a new Passive House-certified and Enterprise Green Communities-certified building. The apartments will be offered in a range of layouts, including lofts, studios, one-, two-, and three-bedroom units, with many of the spaces being adapted from the original classrooms and spaces of the former elementary school.
This project represents a significant step forward in addressing local housing needs while preserving and repurposing a historical community asset.
