With construction financing from a consortium of lenders, including Franklin Savings Bank and Mascoma Bank, and a developer with deep experience renovating historic mills, the $33.8 million rehabilitation of the Stevens Mills in downtown Franklin is moving full steam ahead.
Lebanon-based Mascoma Bank, which has a specialized group dedicated to navigating complex government tax credit programs, was brought in to lead the group of lenders in the Historic Tax Credit financing transaction. Other financing was made possible through a partnership between Androscoggin Bank, NH Business Finance Authority, and the Capital Regional Development Corporation. In total, the lending consortium provided $25.4 million in financing.
According to the developer, Eric Chinburg, principal of Chinburg Properties, there will be approximately 35,000 square feet of commercial space with Kettlehead Brewing Company occupying 5,000 square feet for an expanded production facility as well as a tap room open to the public.
Kettlehead’s existing Tilton location will remain open as this new facility is focused on expanding beer production and distribution. The new production facility will begin operating later this year and the tap room is expected to quickly follow. “We have other tenants lined up to occupy soon after,” says Chinburg.”
The project consists of four primary buildings ranging from one to six levels and plans for 153 apartments with amenities, including a roof deck, clubroom, fitness center, tenant lounges, three court yards, a river walk, fire pit, grills and a dog run.
The buildings will also have bike rooms, onsite tenant storage and common laundry rooms.
“We are very excited to be creating this new housing in Franklin with 153 apartments, which will contribute to the region’s much needed workforce housing stock,” Chinburg says. “And we anticipate residential occupancy for late 2023.”
Apartments will have large windows and exposed brick and beam construction. Many units will have river views and select units will have private patios.
The project is in downtown Franklin and within a short walk to a number of breweries, restaurants and other local businesses as well as the newly constructed Mill City Park.
“This is our first project in Franklin, and we have been working toward securing financing, demolition, planning and permitting for years. We are grateful to the consortium of lenders who participated in financing this complex project. We are excited to be getting closer to bringing this project to completion and opening the doors to make this a vibrant destination in Franklin,” Chinburg says.
Prospective tenants can join the waitlist for information on floor plans and the project timeline by emailing Shobbs@chinburg.com.
For information about the project, visit chinburg.com.
Pictured: Stevens Mills in downtown Franklin. (Courtesy photo)
Current Issue - May 2024