MassDevelopment has partnered with Fidelity Bank of Leominster to provide an $11.5 million loan to Whalom Road LLC, a real-estate subsidiary owned by developer Gary Lorden of Townsend. Lorden will use loan proceeds to build Whalom Luxury Apartments, a mixed-income rental housing development in Lunenburg. The project will consist of five three-story buildings with 120 one- and two-bedroom apartment units, 25 percent of which will be affordable under MGL Chapter 40B, a Massachusetts statute that enables local zoning boards to approve housing developments under flexible rules if at least 20-25 percent of the units have long-term affordability restrictions.
“We have a long-standing relationship with Gary Lorden and are excited to be part of this project to provide affordable housing in the community we serve,” said Joanne Morse, Vice President of Fidelity Bank. “We are also thrilled to be partnering with MassDevelopment on this project, whichwill also enhance economic development in our community in terms of jobs and housing.”
“Providing an adequate supply of affordable housing is vital to the Commonwealth’s competitiveness,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to partner with Fidelity Bank to support a project that will create a variety of housing options in the Nashoba Valley.”
Gary Lorden is an experienced real estate developer in north central Massachusetts with a track record of building single family homes and apartments for more than 35 years. He has successfully completed multiple single family residential subdivisions in the region, and currently owns and manages more than 170 rental housing units in Leominster, Fitchburg, Ayer, Shirley, Pepperell, Townsend, and Gardner. MassDevelopment financed a 27-unit rental housing project of Lorden’s in 2009 in Gardner.
“We are pleased to announce that construction has begun on our latest project of 120 luxury apartments at 250 Whalom Road in Lunenburg. The opportunity to provide these amenities in Lunenburg with accessibility to the city is a top priority for many residents,” said Gary Lorden. “We are very excited to complete the project and have enjoyed the opportunity to work hand-in-hand with MassDevelopment, Fidelity Bank, and the Town of Lunenburg to bring this project to life.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.
