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Rockland Trust Lends on Income-Restricted Apartments in Malden

Rockland Trust recently provided a $10.67-million construction loan to support Asian Community Development Corporation (ACDC)’s new affordable housing development at 213 Main St. in Malden, MA. ACDC’s first development in Malden, the project will create 20 income-restricted apartments.

ACDC acquired the property, which formerly housed the Salvation Army, in 202 with funding from the City of Malden. The residential conversion is planned as an all-electric, solar-ready building meeting Enterprise Green Communities and ENERGY STAR standards. A groundbreaking ceremony is set for Monday, Nov. 19.

“We are proud to partner with ACDC and support the financing of this important affordable housing development in Malden,” said Kelly Nguyen, SVP commercial banking officer at Rockland Trust. “By helping finance 213 Main St. we are supporting the creation of much-needed housing opportunities while investing in the long-term vitality of Malden and the residents who call it home.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing