Cougar Capital Management Awarded 2025 Mayor Thomas M. Menino Legacy Award for Historic Redevelopment of 34 Tremaine Street

Cougar Capital Management is proud to announce its receipt of the 2025 Mayor Thomas M. Menino Legacy Award from Preservation Massachusetts, recognizing the firm’s transformative work at 34 Tremaine Street in Leominster. The award celebrates visionary redevelopment projects that revitalize historic structures, uplift communities, and set a high standard for preservation-based development across the Commonwealth.

The honor spotlights Cougar Capital’s growing reputation for taking on complex, community-driven redevelopment efforts. Their work at 34 Tremaine Street—a once-vacant 19th-century factory—demonstrates a bold vision for adaptive reuse. Acquired in 2023, the former Earl Company Factory had stood empty for over a decade before Cougar began its conversion into a vibrant 17-unit residential building featuring three studios and fourteen one-bedroom apartments. The building, a hallmark of Leominster’s industrial past, now plays a key role in its downtown revival.

Redevelopment required extensive structural rehabilitation to meet modern residential codes while preserving the integrity of the building’s original architecture. Cougar worked hand-in-hand with historical consultants and city officials to maintain distinctive features like the original brick facade, exposed timber beams, and tall window openings that flood the units with natural light.

The project was made possible through a complex but effective financing structure, which included:

• $2.75 million from MassDevelopment, including a tax credit bridge loan,

• $725,000 grant from the Commonwealth’s Underutilized Properties Program (UPP),

• State and Federal Historic Tax Credits.

This layered approach enabled the project to stay true to its preservation goals while delivering much-needed market-rate housing in a growing downtown corridor.

From blighted and boarded-up to beautifully restored—34 Tremaine Street’s exterior transformation showcases a dramatic upgrade, featuring fresh siding, restored windows, new landscaping, and reimagined curb appeal that honors the building’s historic character while delivering modern functionality.

This marks Cougar Capital’s third preservation award in Leominster, MA within the past five years, reinforcing the firm’s growing legacy of excellence in adaptive reuse and historic redevelopment. The recognition follows prior accolades for the Toy Factory Apartments at 45 Summer Street, an ambitious industrial-to-residential conversion that earned the prestigious 2021 Paul & Niki Tsongas Award and helped establish Cougar Capital as a leader in the revitalization of underutilized heritage properties. In 2023, the firm was also honored with the Mayor Menino Award for its transformative work at 41 Summer Street, further highlighting its consistent impact in the region.

With the 2025 Mayor Menino Award, Cougar Capital once again demonstrates that real estate investment can be both meaningful and responsible, preserving architectural history while reinvigorating communities across Massachusetts. These awards reflect not just design excellence, but a deep commitment to sustainable development and long-term community value.

Sleek modern interiors meet historic mill charm at 34 Tremaine Street, featuring soaring ceilings, oversized windows, and refined finishes throughout.

This achievement would not have been possible without the steadfast support of several key partners. The City of Leominster played a vital role throughout the redevelopment process, offering guidance, collaboration, and a Tax Increment Exemption (TIE) that helped bring the vision for 34 Tremaine Street to life. We are equally grateful to MassDevelopment for their substantial financial backing and belief in the project’s potential, to Context Workshop for their thoughtful architectural vision, and to Epsilon for their expertise in navigating the complexities of the historic tax credit process. Their contributions were instrumental in making this ambitious preservation effort a success.

The 2025 Mayor Thomas M. Menino Legacy Award, presented by Preservation Massachusetts to Cougar Capital Management and 34 Tremaine Street LLC, was proudly accepted by Ian Hislop and Dan Botwinik. Recognized for their transformative rehabilitation of the historic Earl Company Factory in Leominster, the award was officially conferred on June 6, 2025.

Dan Botwinik, Managing Partner, and Ian Hislop, Director of Investments at Cougar Capital Management, proudly accept the 2025 Mayor Thomas M. Menino Legacy Award at a special ceremony hosted at Fenway Park on June 6, 2025.