Rockland Trust Invests in New Bedford, Providing $5.8 Million in Financing for Riverside Landing Projects
ROCKLAND, MA - (December 10, 2013) - Rockland Trust announced $5.8 million in financing to Coggeshall LLC and Riverside LLC for two construction projects at Riverside Landing in New Bedford. The projects include space for well-known retailers, and a medical care facility providing a broad spectrum of services. The financing is funded through the bank's New Markets Tax Credit program, which promotes job creation and economic redevelopment in economically challenged communities throughout Massachusetts and Rhode Island.
"At Rockland Trust we are committed to investing in our communities by making investments to help them grow", said Stephen Hall, First Vice President of Commercial Lending at Rockland Trust. "Utilizing the New Markets Tax Credit program for Dickinson Development's projects at Riverside Landing, will create a vibrant place that provides jobs and much-needed medical care for the surrounding neighborhoods.
Rockland Trust provided a $2.5 million construction loan to Riverside LLC for an 11,806-square-foot retail building at Riverside Landing, a 17-acre retail and mixed-use development. The retail space will house Great Clips Salon, Dr. Dental, Little Caesars, Verizon Wireless and Capriotti's Sandwich Shop.
In addition to the retail space, Rockland Trust has also provided $3.3 million in financing to Coggeshall LLC for St. Anne's Hospital's Urgent Care Center that recently broke ground on the same site. The new 10,000-square-foot ambulatory care facility is scheduled to open in the fall of 2014 and will provide walk-in outpatient care for the treatment of non-life-threatening illness or injuries when a patient's primary care physician is not available, or when more expensive emergency room care is not required.
The two construction projects are a joint venture between Mark Dickinson, Dickinson Development Corp. of Quincy, and Mark White, D.W. White Construction Inc. of Acushnet.
"Rockland Trust's support enables us to transform underused, vacant land into an attractive and productive property," said Mark Dickinson, President of Dickinson Development. "Their understanding of our business and ability to provide the financing we needed, is helping to turn a once-blighted site into an area that will bring new vitality to this community."
Riverside Landing is the site of the former Fairhaven Mills in New Bedford which operated from the early 1900s into the 1980s, and was abandoned for nearly three decades. The site is located in an area with one of the highest unemployment rates in Massachusetts and is a federally designated Medically Underserved Area where residents have a shortage of personal health services. The site currently features a Market Basket Supermarket and a Taco Bell that opened earlier this year.
Rockland Trust's New Markets Tax Credit loans have helped create and maintain over 3,900 jobs and financed the acquisition and redevelopment of nearly 3.3 million square feet of real estate. The federal New Markets Tax Credit Program was enacted in December 2000 to provide tax incentives for investment in low-income urban and rural communities across the nation. More information on the New Markets Tax Credit Program is available at CDFI Fund.
About Rockland Trust
A full-service commercial bank headquartered in Massachusetts with $6.2 billion in assets, Rockland Trust is the sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB), providing a wide range of consumer, business, investment, and insurance products and services. Named to the Boston Globe's "Top Places to Work" for five consecutive years and one of America's "Best Banks" by Forbes for three consecutive years, Rockland Trust's network consists of 80 retail branches, 11 commercial lending offices, five investment management, and three residential lending centers in 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.