Developer gets $11.5M loan to build Lunenburg apartments
A Townsend developer has received a $11.5 million loan to build a mixed-income rental housing project at 250 Whalom Road in Lunenburg.
The project will consist of 120 one- and two-bedroom apartments. Roughly a quarter of those will be affordable under a state statute allowing local zoning boards to approve housing developments under flexible rules if 20 to 25 percent of the units have long-term affordability restrictions.
The developer is Gary Lorden, a builder of single family homes and apartments in the north central region. Lorden is the owner and manager of over 160 rental housing units in Leominster, Fitchburg, Ayer, Shirley, Pepperell, Townsend, and Gardner. A Lorden-owned 27 unit residential housing project in Gardner received financing from MassDevelopment in 2009.
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