This is the final component of a preservation effort for a scattered site project that will serve approximately 349 lower income households in the Dorchester, Roxbury, and Mattapan neighborhoods of Boston.
“Rockland Trust is pleased to support Cruz Companies on this project,” said John Quintal, First Vice President and Boston Lending Center Manager at Rockland Trust. “This transaction reflects the Bank’s commitment to our local communities and we are fortunate to be in a position to assist Cruz Companies in its mission to bring more affordable housing opportunities to the area.”
“At a time when affordable housing is out of reach for so many in our communities, we are happy to partner with Rockland Trust on this project to help do our part in seeking to ease Boston’s housing crunch for low income families and residents,” said John B. Cruz III, President of Cruz Companies. “The Rockland Trust funding will enable us to revitalize the affordable housing units and offer better living conditions in the City’s neighborhoods for these individuals and families.”
Quintal added, “We partnered with Eastern Bank’s Community Development Lending Group which participated by providing $8 million of the $22 million total, because we strongly believe that supporting our neighborhoods means creating long-lasting relationships not only with our customers but also within the local banking community. We’re delighted that this joint transaction will enable more affordable housing opportunities in Dorchester, Mattapan, and Roxbury.”
The buildings and units acquired with the funds are slated to undergo a substantial rehabilitation, including new windows and doors, sprinkler systems, new kitchens and baths, energy efficiency heating systems, insulated roofing systems, new and refurbished wood flooring, extensive masonry repointing and repair, and repainting. The total development cost for the renovations is currently estimated at $33.3 million.
Eight of the units will be reserved for Extremely Low Rental Assisted Tenants, 66 units will be reserved for Low-Income Rental Assisted Tenants, nine units will be accessible for people with disabilities, and eight units will be reserved for people experiencing homelessness.
Founded in 1948, Cruz Companies is a third generation, family-owned company operating out of Roxbury, MA. Cruz Companies consists of John B. Construction, Cruz Development Corporation, Cruz Management, and a non-profit organization, Cruz CARES. Notable projects include the Boston Police Department Headquarters, Reggie Lewis Track and Athletic Center, and Morning Star Baptist Church in Mattapan.
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. (NASDAQ Global Select Market: INDB) has approximately $8.1 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Named in 2017 to The Boston Globe’s “Top Places to Work” list for the ninth consecutive year, 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, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. The Company is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®”, please visit www.rocklandtrust.com.
