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Rockland Trust Leads Financing of Over $53 Million to The Dolben Company and Belmont Capital for Residential Development Project at the Former Edgemere Drive-In

 ”Edgemere

SHREWSBURY, MA – May 12, 2021–Today, Rockland Trust announced they led a financing package of $53.28 million to The Dolben Company to facilitate the development of a residential project at the site of the former Edgemere Drive-In movie theater in Shrewsbury, Massachusetts. The project, which will include 250 apartment units, 25 of which will be affordable, is the residential component of the Edgemere Crossing at Flint Pond mixed-use development. The financing was also made possible through the participation of Peoples Bank of Holyoke and UniBank of Whitinsville.


“Rockland Trust is proud to support the creation of quality housing through the redevelopment of the Edgemere Drive-In,” said Peter Staiti, First Vice President and Worcester Commercial Lending Center Manager at Rockland Trust. “As a Bank, we have made a number of financing commitments in Worcester County because we believe this area is poised for tremendous growth. Adding to the area’s quality housing supply, and the affordable component of this project, is a great plus for the Central MA community. The development will support economic activity, especially the patronage of local businesses. We look forward to continuing to be part of the area’s success for years to come.”


Located at 180-228 Hartford Turnpike on Route 20 and abutting Flint Pond in Shrewsbury, the Edgemere Drive-In movie theater opened in 1955 and operated until 2001. In 2020, the Shrewsbury Planning Board approved plans for a mixed-use development on the 68-acre site with an 80,000 square-foot Market Basket and 43,000 square feet of retail accompanying the overall development. The residential development will include 116 one-bedroom units and 134 two-bedroom units across nine buildings and amenities for residents including a pool, walking trails, common areas, a dog park, a clubhouse, and views of Lake Quinsigamond. Construction commenced in November, 2020 and the first units are expected to be delivered in June, 2022 with the completion of the final units in January, 2023.


“The construction financing from Rockland Trust allows us to facilitate a significant addition to the housing options in Shrewsbury.  Along with our partners at Belmont Capital, we are excited to be moving our first residents in later this year,” said Andrew K. Dolben, Executive Vice President of The Dolben Company, Inc.

About The Dolben Company, Inc.

With offices in Massachusetts and Maryland and more than 17,000 residential units throughout the New England and Mid-Atlantic regions, The Dolben Company, Inc. is built on a deep heritage of performance and stewardship. Since 1929, four generations of the Dolben family have upheld a proud tradition of unparalleled success and profitability, fulfilling the property and investment needs for a wide array of businesses, financial institutions, organizations and private investors. For more information on The Dolben Company, visit www.dolben.com.


About Rockland Trust

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe’s “Top Places to Work” 2020 list, an honor earned for the 12th consecutive year.  In addition to this recognition, Rockland Trust was ranked the #1 Bank in Massachusetts, according to Forbes 2020 World’s Best Banks list. Rockland Trust is deeply committed to the communities it serves as reflected in the overall “Outstanding” rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape, and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®,” please visit RocklandTrust.com.


Rockland Trust’s Commercial Banking Group has more than 50 commercial lenders and 16 lending centers throughout Massachusetts and Rhode Island. With a lending capacity up to $100 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.


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