Bradstreet Partners LLC, a partnership between Hearthstone Realty Corp., JD LaGrasse & Assoc. and Verdeco Designs LLC, has received two loans from MassDevelopment to help build a new residential and commercial complex and parking lot in North Andover.

The loans, totaling nearly $2.6 million, will fund the complex, Bradstreet On Main, which will feature a residential building containing 15 apartments, to be called The SchoolHouse Apartments. The 18,000-square-foot commercial building will house at least one café, retail stores and possibly a frozen yogurt shop.

The project is expected to create 20 jobs and support 28 construction jobs. MassDevelopment enhanced its financing with a mortgage guarantee.

“The Bradstreet on Main project will transform a vacant lot into a vibrant hub of retail and residential activity for North Andover,” MassDevelopment President and CEO Marty Jones said in a statement.

“The old vacant school was an eyesore for more than a decade, and was holding redevelopment in the area back. With everything else the area has going for it, we expect a very exciting transition to the area in the next two years,” Bill Perkins, of Hearthstone Realty Corp., said in a statement.

Loans Help Fund North Andover Residential, Commercial Complex

by Banker & Tradesman time to read: 1 min