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First Phase of Vermont Renovation Project Secures $9.4M Loan
Eastern Union arranged $9,424,405 in construction-to-permanent refinancing for the first stage of a multi-phase renovation project at 100 River St. in Springfield, VT. The financing efforts were overseen by senior managing director Marc Tropp, who led a team including senior managing director David Merkin, senior loan originator Ben Alpert and underwriter Ary Katzenstein.
The loan carried an interest rate of 7.5% over a five-year term, with 36 months of interest-only payments. The amortization period is 25 years. The lender was the Bank of New Hampshire.
The renovation, undertaken by San Diego-based Integrity Community Partners, LLC, represents the first element of a three-phase project that will ultimately also deliver a six-floor, 100-unit, age-targeted multifamily property and an adjacent, six-floor, 162-unit senior living facility at 5 Pearl St. This stage will create a 43,000-square-foot self-storage facility and 55,000 square feet of retail space.
The location was originally home to the historic Fellows Gear Shaper Company mill complex founded by inventor and entrepreneur Edwin R. Fellows in 1896.
- ◦Financing
