Traggorth Companies’ Subsidiary Receives MassDevelopment Loan To Restore 200 Year Old Factory Building
Built in the late 1800s, the 20,000-square-foot building has remained vacant for 50 years. Traggorth’s subsidiary, 37 Washington Street LLC, plans to transform the building into a mixed-use facility with 18 housing units, eight full-time retail jobs, and 27 construction jobs. TCLLC acquired the property in September 2013 after having seen the building during a Department of Housing and Community Development and MassDevelopment Merrimack Valley housing tour.
As an incentive, MassDevelopment provided a $90,000 predevelopment loan. Predevelopment funding will finance architectural and engineering costs. The building is also near other projects that received MassDevelopment financing: the Haverhill Intermodal Parking Facility, the Hayes Building, and Hamel Mill Lofts.
“Our developer tours show real-estate professionals communities and properties they might not see otherwise, and the purchase and redevelopment of 37 Washington Street is exactly the desired result,” said MassDevelopment President/CEO Marty Jones. “We are pleased to participate in this building’s transformation from the beginning and fund the predevelopment work to get this project going.”
TCLLC is a Boston-based real estate firm that provides advisory services for residential, commercial, and mixed-use ventures. The company works with property owners seeking to improve underused real estate assets, developers who find it more efficient to contract with TCLLC, investment groups looking for representation in evaluating and executing estate transactions, and government agencies seeking expertise to negotiate developer agreements and monitor progress of high-priority large real estate ventures.
Dave Traggorth of Traggorth Companies said, “We give tremendous credit to MassDevelopment for introducing us to the amazing success that Haverhill’s downtown represents and providing access to early funding to build on that success through the revitalization of 37 Washington Street into beautiful new homes and retail close to transit, shopping, and parks.”
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