Real Estate
Former Chocolate Factory Gets $32.5 Million Loan
Project redevelopers seek to turn the former chocolate factory into a mixed-use building with apartments and commercial space.
MANSFIELD, MA — The developers of the Chocolate Factory renovation have received a large loan to help them move forward with construction.
Citizens Bank announced last week that they have provided a $32.5 million construction loan to MCFA Chocolate Factory LP, whose sponsor is Red Leaf Development LLC, for the substantial renovation of the Oakland Street factory. The project will include 130 residential units, including 19 affordable units and eight units of workforce housing, and 34,104 square feet of commercial space.
“This project meets an important need in the community and we’re happy to work with Red Leaf Development to support more housing for Massachusetts residents,” said Jerry Sargent, president of Citizens Bank Massachusetts, said in a release.
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The building was constructed in 1903 by businessman Walter Lowney and has been closed since 2011. The former factory is listed on the National Register of Historic Places.
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