Rockland, MA – August 3, 2015 – Rockland Trust today announced it financed a $27 million transaction for Sam Park & Co., a Boston-based commercial real estate investment firm that specializes in experience-driven mixed-use destinations featuring retail, restaurants, and entertainment. The funding will go towards the development of The Point, a 540,000-square foot mixed-use project located on I-495 in Littleton, MA.
“Rockland Trust is excited to support Samuel Park on a project that will revitalize Boston’s I-495 Metro Northwest region,” said Steve Hall, First Vice President of Commercial Lending at Rockland Trust. “The Point is the area’s first mixed-use destination of its kind, and we enjoy supporting projects such as these that transform communities and have a strong economic impact.”
“We were very pleased with our experience working with Rockland Trust on this development,” said Samuel Park, President of Sam Park & Co. “We’re building a retail environment that’s entertaining and interactive – a place where people will enjoy coming to shop, dine, and connect. Steve and the Rockland Trust team understand our vision, the significance of the project, and what The Point will bring to the region.”
Located at the intersection of I-495 (Exit 31) and Route 119, The Point is the region’s only project that combines shops, restaurants, grocery, hotel, and entertainment, featuring a state-of-the-art movie theatre by O’Neil Cinemas, Class A office space, a health club, and a 115-room Courtyard by Marriott. The Point is situated in the heart of the I-495 “Think Belt” and serves more than 250,000 high-tech workers at technology companies, such as IBM, Red Hat, Juniper Networks, and Cisco. For more information, visit www.thepoint495.com.
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 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 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. Rockland Trust, which was named to the Sandler 2014 Sm-All Stars list of top performing small-cap banks and thrifts in the country, is 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 Sam Park & Co.
Sam Park & Co. is a commercial real estate investment company that specializes in developing mixed-use projects. Based in Boston, Sam Park & Co. reinvents underutilized properties through thoughtful redevelopment and with an infusion of high-quality tenants. Its in-house team is expert at evaluating financial, market, regulatory, demographic, and construction feasibility and is an authority on regulatory permitting and master planning. Sam Park & Co. has been involved in more than 10 million square feet of major commercial projects including 1265 Main Street, Waltham, MA (formerly Polaroid); Gloucester Crossing, Gloucester, MA; and The Point, Littleton, MA.
