Chinburg’s Franklin mixed-use project gets $25.4 million financing package
Redevelopment of Stevens Mill will include apartments, commercial space
A consortium of banks, local development corporations and the NH Business Finance Authority has put together a $25.4 million construction financing package for Chinburg Properties’ planned rehabilitation of the historic Stevens Mill complex in downtown Franklin.
Spearheading the financing are Franklin Savings Bank and Lebanon-based Mascoma Bank, which has a specialized group dedicated to navigating complex government tax credit programs and was brought in to lead the group of lenders in the deal.
Chinburg, the Newmarket-based firm that has redeveloped several mills and other historic buildings across New Hampshire, plans to turn the Stevens Mill into a mixed-use property. The project involves renovating the site’s five mill-style buildings along Canal Street in Franklin into 153 apartments – studio and one and two-bedroom units – overlooking the Winnipesaukee River and Mill City Park, a newly constructed whitewater and outdoor adventure park. There will also be some 27,000 square feet of commercial space in two of the five buildings. The project has already drawn interest from local breweries, the developer said.
The commercial space is projected to be completed by the fall of 2022. The residential units are anticipated to be finished by summer of 2023.
Other financing for the project comes through a partnership that includes Androscoggin Bank, the NH Business Finance Authority, Capital Regional Development Corp., the Regional Economic Development Center and the use of historic tax credits, which offer a 20 percent federal tax credit toward qualified expenses for historical reuse projects.