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A $6.5 million loan from Pentucket Bank and MassDevelopment will support the conversion of a former parochial school in Haverhill into 36 market-rate apartments.

Atlantis Investments LLC will acquire and convert the former St. Joseph’s Catholic School building at 26 Broadway into rental housing. The transaction also will include acquisition of a neighboring property, formerly a gym and bowling alley, which Atlantic will lease to local businesses, and purchase of a vacant lot at 2 Federal St. for parking.

MassDevelopment and Pentucket Bank were 50-50 participants in the loan, and the state financing agency guaranteed the loan and enabled Pentucket Bank to increase the amount of its loan.

The development will include 28 studios and eight one-bedroom units. The Haverhill City Council approved the project in June 2020, following the zoning board of appeals’ granting of variances for lot size and open space.

The school closed in 2017 after nearly 130 years in operation because of declining enrollment.