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MassDevelopment

$6.5M for Housing at Former St. Joe's School

MassDevelopment, Pentucket Bank Partner to Finance Transformation of Former St. Joseph’s Catholic School in Haverhill into Housing.


August 30, 2021


Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com

Jonathan Cody, Atlantis Investments, LLC, 978-767-0081
jcody@atlantis-invest.com

 

Rendering courtesy of Atlantis Investments LLC

HAVERHILL, Mass. – MassDevelopment has partnered with Pentucket Bank to provide $6,482,090 in loan financing to St. Joseph’s Schoolhouse, LLC, an affiliate of Atlantis Investments LLC, which will use the funds to buy and convert the vacant former St. Joseph’s Catholic School building at 26 Broadway in Haverhill into 36 units of market-rate rental housing. In addition to the main former school building, which will be converted to housing, the property also consists of a smaller adjacent building containing a gymnasium and a candlepin bowling alley, which Atlantis plans to lease to local businesses. The developer will also use the loan financing to buy a vacant lot at 2 Federal St., where it will build a parking lot for residents of the housing facility. 

“Many cities and towns have vacant buildings situated in prime locations that are ideal for redevelopment into housing and retail,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s low-cost financing solutions and key partnerships with area banks allow developers to transform these structures into homes for regional workforces and small businesses alike.”  

“For well over a century, this building served generations of students and families from Haverhill and the surrounding communities,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to partner with Pentucket Bank to support Jonathan Cody and his team at Atlantis Investments, Inc. as they bring this former schoolhouse back to life and convert the property into much-needed housing units.” 

MassDevelopment and Pentucket Bank were 50-50 participants in the loan. MassDevelopment also enhanced the financing with a guarantee, which allowed Pentucket to increase its loan amount. 

“As a community lending institution, Pentucket Bank is proud of our support of this project to restore the former Saint Joseph’s School,” said Kerianne Pereira, Vice President of Commercial Lending of Pentucket Bank.  “The building that served local families for generations will continue to do so with its conversion to residential property; while also fulfilling the need for additional market-rate housing in the City.  It is a win/win/win for the City of Haverhill, St. Joseph’s Schoolhouse LLC and Pentucket Bank to preserve and restore the vibrancy of a building that has anchored Haverhill’s downtown for well over a century.” 

“This is a great transformational project for the city and especially that neighborhood,” said Haverhill Mayor James J. Fiorentini. “We need a mix of affordable housing and market-rate housing in Haverhill and this development will provide affordable units that many of our residents are looking for. It will also ensure the property does not become abandoned and deteriorated now that the school has been closed for several years. We are very grateful to MassDevelopment and the Baker Administration for their help financing this project.” 

Established in 1888, St. Joseph’s served students ranging from nursery school through eighth grade for nearly 130 years before the Archdiocese of Boston closed the school in 2017 due to declining enrollment and rising costs. Once converted, the building will include 28 studio apartments and eight one-bedroom units.

“Our team at Atlantis Investments is thrilled to revitalize the former St. Joseph’s schoolhouse and bring new quality housing to Haverhill,” said Atlantis Investments President Jonathan Cody. “We appreciate the collaboration and generous support of our partners at MassDevelopment, Pentucket Bank, and the City of Haverhill.”

MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.