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Loan Finances 29 New Apartments in Gardner

Success Story

MassDevelopment partnered with Fidelity Bank to extend a $2.94 million loan to Mass Ave Rentals. The project, led by developer Gary Lorden, transformed two vacant commercial buildings in downtown Gardner into a collection of 29 market-rate apartments featuring one-bedroom and two-bedroom apartments. In 2017, the Gardner Redevelopment Authority acquired the buildings using a $400,000 grant from the Site Readiness Program as part of its Main Street Redevelopment Plan. Later in November 2021, Mass Ave Rentals received a $900,000 grant from the Underutilized Properties Program to support initial renovations and improvements to the properties. The new, market-rate housing adds life to formerly abandoned buildings and has increased the local housing stock for the benefit of the community.