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Rockland Trust Provides $21M for MA Redevelopment
Rockland Trust has provided $21 million for the initial phase of the Eagle Mill complex redevelopment in Lee, MA. The project, led by BHDC-RLD Lee LLC, aims to repurpose the historic mill building into 56 mixed-income rental units.
The financing package includes a construction loan, state tax credit purchase, and collaboration with Stratford Capital for Federal Tax Credits. Rees-Larkin Development and Berkshire Housing Development Corp spearhead the venture. Thirty-six units will be affordable for households earning less than 60% of the area median income, with eight units designated for low-income households.
“Rockland Trust is pleased to partner with Rees-Larkin Development and Berkshire Housing Development Corp. to support the redevelopment of the Eagle Mill which honors the area’s history and addresses affordable housing needs,” said John Quintal, senior vice president at Rockland Trust.
- ◦Financing
