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Central Region

Riverside Commons - MDP Development LLC

Fitchburg    2012

245 River Street was constructed as the Orswell Mills in the late 1800s for producing yarn. The property is situated along the Nashua River in the River Street Smart Growth Initiative Overlay District, a state program giving financial incentives to communities for creating new housing. The new 12 acre Gateway Park is across the river from the site.

The renovated mill, called Riverside Commons, will contain 180 residential units and 16,000 square feet of commercial space. The first development phase will include 105 residential units and all of the commercial space.

PCI is providing a second position construction loan with Bank of America providing the first position construction loan. MHP will provide the permanent loan.

PCI Loan Amount: $1,500,000

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