Rockland, MA. – June 1, 2016 - Rockland Trust today announced it has financed a $10.5 million transaction for real estate developer, Edgewood Development, LLC. The funding will go towards the purchase and redevelopment of the former Central Middle School in Quincy.
The imposing 76,620-square foot building was originally constructed in the late 1800's as Quincy High School and served as the city’s Junior High School since the 1920's. Renovations will transform the school into 46 market-rate residential condominiums and is symbolic of the city’s transformation.
“Rockland Trust is excited to support Edgewood on a project that will help meet demand in Quincy’s rapidly-growing housing market,” said John Davison, First Vice President of Commercial Lending at Rockland Trust. “This transaction reflects our commitment to strengthen the neighborhoods that we serve.”
Edgewood Development, LLC is a full-service real-estate development company based in Plainville, MA. The company has developed over 350-single family homes, permitted 1.5 million square feet of non-residential uses and created over 200 multi-family units in southeastern Massachusetts.
“We are pleased to partner with Rockland Trust on the Middle School conversion,” said Gerard Lorusso, President and CEO of Edgewood Development. “Rehabilitating this historic structure and retaining its impressive exterior will have a significant impact on Quincy as an important step in the city’s rebirth.”
Rockland Trust’s Commercial Banking Group has more than 50 commercial lenders and 11 lending centers throughout Massachusetts and Rhode Island. With a lending capacity of more than $75 million, the Commercial Banking Team has broad experience in areas such as asset based lending, commercial real estate, construction and land development, equipment financing, commercial mortgages, and low income housing loans. In addition, the team can meet all the financial needs of its customers with additional services such as business deposit products, merchant and foreign exchange services, and cash management services.
About Rockland Trust
Independent Bank Corp. has approximately $7.2 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Named in 2015 to The Boston Globe’s “Top Places to Work” list for the seventh consecutive year, Rockland Trust was rated the top Largest Employer to work for in Massachusetts. The Company is also an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®”, please visit https://www.rocklandtrust.com.
About Edgewood Development, LLC
Edgewood Development, LLC is a full service real-estate development company which prides itself on its personal commitments to its clients and partners. Their portfolio includes commercial business parks, residential subdivisions, and several multifamily housing developments including the new Edgewood Apartments development located off of Interstate 495 and Route 1 in Plainville. To find out more about how Edgewood Development is redeveloping communities, please visit http://www.edgewood-development.com.
