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Rockland Trust Provides $8 Million in Financing for Construction of Arboretum Place

New Markets Tax Credit Funds Help Bring Grocer, Social Services Agencies and Jobs to Jamaica Plain.

Rockland Trust today announced $8 million in total financing for APW LLC & APV Realty LLC for the development of Arboretum Place in Jamaica Plain. The credit facility includes a $2.1 million construction loan, and $5.9 million in construction financing that was converted to a permanent mortgage through Rockland Trust's New Markets Tax Credit program. The development totals 40,000-square-feet of mixed-use space at 3815 and 3840 Washington Street in Jamaica Plain. Tenants include Harvest Co-op Market, Boston Cat Hospital, Summer Search, Massachusetts Society for the Prevention of Cruelty to Children, and Dane Street LLC.

Rockland Trust is dedicated to improving Massachusetts' communities by providing funding to developments that spur economic recovery such as Arboretum Place," said  John McGregor, First Vice President of Commercial Lending at Rockland Trust. "This new project brings jobs and amenities to Jamaica Plain, and Arboretum Place is one of the first new developments in the Forest Hills area in decades. We look forward to seeing how it reinvigorates the community."

Construction on Arboretum Place, formerly empty lots, began in October 2011 and was completed in early 2013. In addition to providing local residents with a grocer, an animal hospital, social services providers, and other benefits, the development created 60 temporary construction jobs and 195 permanent positions with tenants.

"Arboretum Place is going to have a tremendous impact on the Forest Hills community in many ways, but most importantly in terms of job creation," said Kevin Walker, Principal of APW LLC & APV Realty LLC. "We are thankful to Rockland Trust and the New Markets Tax Credit program for providing the financing that made this development possible."

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