Framingham May Seek Protection Of Troubled Farm
Photos/Edd Cote
Doug Stephan speaks with one of his employees in his farm's milking barn. Stephan is able to sell the milk from a retail store he built on the property with the help of an SBA loan.
The owner of Framingham’s Eastleigh Farm on the north side of town has temporarily averted a foreclosure auction of his raw dairy farm and store, as well as his home. But the town is already considering how it would protect the land if an auction does take place.
Town Manager Robert Halpin said the land, owned by longtime Framingham resident Doug Stephan, is a crucial piece of the town’s open space plan. The town has the right of first refusal on the 112-acre parcel because it has granted Eastleigh a tax break since it’s a working farm. Halpin indicated that it may exercise that right in order to keep the land from being redeveloped into housing.
A “Key Asset'
“I think it’s a key asset in an important area in the northwest portion of town,” Halpin said.
Eastleigh, at 1062 Edmands Rd., and the Stephan home at nearby 1084 Grove St., are surrounded by some of Framingham’s most expensive homes. The farm dates back to the early 20th century and is an important part of town history, Halpin said. But the more practical concern is that the development of new housing would increase the burden on town services and the public schools.
Stephan could not be reached for comment, but he has told other media outlets that he’s still working on a plan with his mortgage lender to save the farm, as he’s struggled to support the monthly mortgage payment of about $30,000. In June, Stephan launched a crowdfunding site in attempt to bolster Eastleigh, which he said is the largest provider of raw-milk dairy products in Massachusetts.
Eastleigh Issued SBA-Backed Loan
In an October 2012 interview, Stephan told the Worcester Business Journal he took out a $450,000 loan, backed by the U.S. Small Business Administration and held by Framingham’s MutualOne Bank. The loan was used to outfit Eastleigh’s retail store with needed equipment. At the time, Stephan said he had no trouble making the payments.
Halpin said Stephan’s properties may be underwater, as he purchased them in 2006 before the real estate market fell. Given that scenario, the only course of action for the town is to wait for a bona fide offer to be made at a foreclosure auction and consider whether it would like to buy the land for that price.
The auction was slated for last Wednesday, but was delayed about five months as Stephan tries to salvage his business and home.
“There’s not a lot we can or should do at this time,” Halpin said.
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