Eastern Bank Lends on Adaptive Reuse of Former New London Newspaper Headquarters

Eastern Bank led the financing for High Tide Capital LLC’s redevelopment of The Day Building in downtown New London, CT. Eastern is providing $16.9 million in construction-related financing to support the conversion of the former newspaper headquarters into 68 market-rate apartments and approximately 2,100 square feet of ground-floor retail space.

The Day Complex comprises four historic buildings at the center of New London, immediately adjacent to the Amtrak Station, regional ferry terminal servicing Long Island and surrounding areas, and the new Coast Guard Museum. The Day Building served as the home base for The Day newspaper for 140 years.

“The Day Building is at the center of New London’s downtown urban renewal, bringing much needed housing to a growing area,” said Max Patinkin, principal of High Tide Capital.

The financing structure for The Day Building, which received historic redevelopment approval from the National Park Service and State Historic Preservation Office, includes federal and state Historic Tax Credits, funding from the Connecticut Municipal Development Authority, and municipal incentives.