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Rockland Trust Provides $20M Construction Financing on Edgartown Affordable
Rockland Trust has provided $19.75 million of construction financing in partnership with Affirmative Investments, Inc. and the nonprofit Island Housing Trust for the development of Meshacket Commons. Located in Martha’s Vineyard’s Edgartown, this development will feature 40 residential units, including 36 rental units and four homeownership units, all of which will be 100% affordable.
The bank is also facilitating the acquisition of both state and federal tax credits. Rockland Trust will purchase the state tax credits and has partnered with Stratford Capital to acquire the federal tax credits associated with the rental units.
Affirmative Investments, Inc. and Island Housing Trust were selected to develop the site through a 2021 solicitation process with the Town of Edgartown. In addition to the loan provided by Rockland Trust, the project will benefit from substantial financial contributions from The Executive Office of Housing and Livable Communities, Community Economic Development Assistance Corporation, MassHousing, and the Town of Edgartown in the form of additional state and federal tax credits and low-interest loans.
- ◦Development
- ◦Financing
