Rockland Trust Finances 120-unit Edgewood Apartment Complex in Plainville
Plainville, MA (March 18, 2013) - Rockland Trust today announced $14.75 million in financing for Edgewood Development Company, LLC to support the construction of a 120-unit complex at 100 Taunton Avenue in Plainville. This financing was part of the Massachusetts Housing Partnership's OneSource Program, which combines construction and financing into a single set of documents to simply the process for borrowers.
"At Rockland Trust, we are committed to strengthening the communities in which we live and work by helping companies like Edgewood Development pursue projects that create both construction jobs and housing for the community," said John Davison, First Vice President of Commercial Lending at Rockland Trust. "We are always striving to make borrowing as easy as possible for our customers, and we're thankful that MHP's OneSource program has helped us do so for Edgewood Development's new complex."
Willow Creek Builders, LLC, in partnership with Lorusso Corporation, is currently constructing the 120-unit complex, Edgewood Apartments, which will be ready for occupancy this fall. The complex will feature two apartment buildings and a clubhouse with a workout room, pool, and wooded walking trails for residents. Conveniently located near Interstate 495 and Route I, Edgewood Apartments is situated nearby Patriot Place, the Wrentham Outlets, Foxboro State Forest, and other attractions. Edgewood Development also develops commercial properties, notably Plainville Commons, a 50-acre site adjacent to Edgewood Apartments that features a Target, Shop & Shop, and other popular retailers.
"We are thankful to both Rockland Trust and the Massachusetts Housing Partnership for their help making this financing as simple as possible," said Gerard Lorusso, President of Edgewood Development Company, LLC. "We are excited to move forward with this development and bring high-quality housing to Plainville, which would not have been possible without Rockland Trust."
Massachusetts Housing Partnership's OneSource program coordinates closings for borrowers like Edgewood Development using a single set of loan documents and one attorney, which saves clients both time and money. MHP recently awarded Rockland Trust its HomeSafe Award in recognition of the bank's outstanding success making low, fixed-rate SoftSecond loans to working-class, first-time homebuyers in Massachusetts.
About Edgewood Development Company, LLC
Edgewood Development Company, LLC is a full service real-estate development company which prides itself on its personal commitments to its clients and partners. The company's services include land use planning and permitting, infrastructure installation, commercial and residential construction, and real estate management. The skills and experience of Edgewood Development's team enables the company to seamlessly take projects from raw land to building occupancy. For more information, please visit www.edgewood-development.com.
About Rockland Trust Company
Rockland Trust Company is a full-service commercial bank headquartered in Massachusetts with $5.8 billion in assets. The sole bank subsidiary of Independent Bank Corp. (NASDAQ:INDB), Rockland Trust provides a wide range of consumer, business, investment, and insurance products and services. Ranked "Highest Customer Satisfaction with Retail Banking in the New England Region" in 2012 by J.D. Power and Associates, Rockland Trust's network consists of nearly 80 retail branches, ten commercial lending centers, four investment management, and three residential lending centers located throughout Eastern Massachusetts and Rhode Island. To find out why Rockland Trust is the bank "Where Each Relationship Matters®", please visit www.RocklandTrust.com. Member FDIC. Equal Housing Lender.
Rockland Trust Co. received the highest numerical score among retail banks in the New England region in the proprietary J.D. Power and Associates 2012 Retail Banking Satisfaction Study(sm). Study based on 51,498 total responses measuring 13 providers in the New England region (CT, MA, ME, NH, RI, & VT) and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed January-February, 2012. Your experiences may vary. Visit www.jdpower.com.