Boston, MA - February 21, 2020 - Rockland Trust Bank announced today that it provided a $22 million loan to Cruz Development Corporation for the first mortgage construction and permanent loan financing of the Dr. Michael E. Haynes Arms building. The $34 million project will be a fully affordable, mixed-use, mixed-income development in Boston’s Roxbury neighborhood with approximately 60,000 square feet of housing and commercial space. Situated at a strategic location between Dudley Square and Grove Hall, the Haynes Arms building will bring economic vitality and much-needed middle income housing to the neighborhood.
“Rockland Trust is honored to support Cruz Development on a project that will serve a crucial need for affordable housing in Boston,” said John Quintal, First Vice President and Boston Lending Center Manager at Rockland Trust. “Moreover, we are partnering with an organization that is an industry leader and engineer of empowerment in the neighborhood of Roxbury.”
Named for the revered Roxbury community leader, minister, and former State House representative who lived adjacent to the site, the proposed four-story Dr. Michael E. Haynes Arms building will include 55 affordable and work-force housing units: 3 studios, 11 one-bedrooms, 36 two-bedrooms and 5 three-bedrooms, which will be reserved for individuals and families earning between 0 and 120 percent of the area median income. Commercial space on the first floor will be the future headquarters of the Cruz Companies, a third generation, minority-owned firm that has had strong business and family ties to the Roxbury community since its founding in 1948.
“We have been doing business in the Roxbury neighborhood since 1948. Many of our employees are residents and we believe in strengthening the community in which we work and live,” said John B. Cruz III, President of Cruz Companies. “We are committed to the revitalization of the Warren Street corridor and are grateful to our partnerships that have enabled this development to come to fruition.”
The project marks the third financing partnership between Cruz and Rockland Trust. In addition to Rockland Trust’s underwrite, Cruz was awarded approximately $18.8 million of state and federal tax credits syndicated by Stratford Capital, $4.3 million in funding from the Department of Housing and Community Development, $2 million in funding from the City of Boston, and $1.6 million in funding from MassHousing Work Force Funding.
Rockland Trust’s Commercial Banking Group has more than 50 commercial lenders and 17 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.
About Cruz Companies
Cruz Companies has built a reputation for excellence in the fields of construction, development and management. One of the oldest and largest, minority-owned companies in the Northeast and a third-generation family business, Cruz is a modern firm that values old-fashioned quality and integrity. The John B. Cruz Construction Company is responsible for landmark projects and developments across the region; Cruz Development Corporation creates well-designed, sustainable real estate developments, maintaining the highest standards of workmanship, while maximizing the opportunity for minority owned companies and minority workers and; Cruz Management Company, Inc., provides quality residential housing and services. Cruz Companies’ mission is giving back to the community in as many ways as possible. Cruz CARES (Community, Arts, Recreational and Educational Services) is Cruz Companies social responsibility arm, a non-profit organization that exists to help Boston’s urban community.
