North-Central-Massachusetts-Development-Corporation-provides-funding-to-support-project-in-downtown-Gardner-through-Regional-Business-Development-Fund

North Central Massachusetts Development Corporation provides funding to support project in downtown Gardner through Regional Business Development Fund

Funding to Gardner Downtown Crossing, LLC, for development of residential apartments, restaurant

The North Central Massachusetts Development Corporation (NCMDC), the economic development arm of the North Central Massachusetts Chamber of Commerce, today announced it has provided $250,000 to Gardner Downtown Crossing, LLC, under the NCMDC’s Regional Business Investment Fund (RBIF).

The funding will support the development of commercial space in a mixed-use building located at 25 Main Street in the city. The plans include six one-bedroom and eight two-bedroom apartments on the second and third floors, and a 5,000 square foot restaurant on the first floor.

Jonathan Bombaci, a redeveloper and owner of Gardner Downtown Crossing, is no stranger to redeveloping older, outdated buildings into modern apartments and commercial space in the city, as his team is currently redeveloping 2-10 Parker Street.

“The building at 25 Main Street is at the crossroads of downtown Gardner and provides much opportunity to develop living and dining spaces that will complement the current landscape while also providing the city with additional residents and visitors who will dine or call 25 Main their home in the future,” said Bombaci. “The RBIF is a viable lending option for us to cover costs and expenses that are typically not available for financing, and we are grateful to the North Central Development Corporation and the Chamber for offering this type of loan to us.”

The RBIF can be used by developers for engineering, soft costs, site work, infrastructure, and hard costs for specific developments in the 26 communities that make up the North Central region and differs from other loan programs offered through the NCMDC. The loans are very flexible and geared towards real estate projects, with flexible repayment terms, and can be used to cover soft costs and other expenses not traditionally covered by lenders. Also, unlike other loan programs, the RBIF can be used for housing projects and non-profits are also eligible.

The project has the support of City of Gardner Mayor Michael Nicholson and local officials, and is considered an important redevelopment project in the downtown area of the city.

“The team at Gardner Downtown Crossing has already made a significant investment in the downtown area and we are looking forward to working with them as they redevelop the property at 25 Main Street,” said Mayor Nicholson. “We are grateful that Gardner Downtown Crossing sees Gardner as a place with tremendous opportunity for growth and we will be here to help assist them toward their success along the way.