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BOSTON – April 4, 2016 – Rockland Trust today announced it has provided $9.4 million in taxable and tax-exempt debt for a Low Income Housing Tax Credit transaction for construction and development firm Cruz Companies. The funding will support the acquisition and rehabilitation of Verdean Gardens, an existing 110 unit affordable housing development consisting of eight buildings spread across six sites in the south end of New Bedford.
The project is named after the Cape Verde Islands, where the Cruz family emigrated from two generations ago. The Cape Verdean community has a deep-rooted history in the culture of New Bedford, with nearly half of the population of Cape Verdean or Portuguese descent. In fact, Cruz Companies founder John B. (Bertie) Cruz Jr., was born and raised in the city. Projects such as Verdean Gardens are crucial because these renovations will greatly enhance the living conditions for the community.
Currently, Verdean Gardens is comprised of 54 market rate apartments and 56 affordable units, all of which are occupied. The total loan consists of $7.6 million towards construction and $1.76 million towards tax exempt permanent debt.
“Rockland Trust is excited to support Cruz Companies on a development that is crucial to preserving affordable housing for families on the South Coast at an achievable cost,” said Rick Muraida, First Vice President and Senior Commercial Banker at Rockland Trust. “Affordable housing is something we strongly support and we are thrilled to be able to provide this financing.”
A third-generation family-owned business, Cruz Companies is one of the oldest and largest, minority-owned companies in the Northeast. The family-owned business is responsible for landmark projects and developments across the region and provides quality residential housing. The company is also dedicated to the community through its social arm Cruz CARES, a non-profit organization that exists to help urban communities.
“We are very pleased to be working with Rockland Trust on Verdean Gardens,” said John B. Cruz III, President and CEO of The Cruz Companies. “Having originally developed this project, we are grateful to have the funding necessary to enhance the lives of the families that live here.”
Rockland Trust’s Commercial Banking Group has 50 commercial lenders and 11 lending centers throughout Massachusetts and Rhode Island. With a lending capacity 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 www.rocklandtrust.com.
