Rockland Trust Provides $5.88 Million in Financing for Eagle Brook Village in Wrentham
ROCKLAND, Mass. (April 15, 2013) - Rockland Trust today announced $5.88 million in financing for Eaglebrook Development LLC, a division of DiPlacido Development Corp., for the construction of Eagle Brook Village in Wrentham. The new development, a decade in the making, will consist of 101 single family homes, including 28 affordable housing units and 36 age restricted units. DiPlacido Development Corp. expects to complete the first homes by this summer.
"Rockland Trust is dedicated to supporting projects in our communities that create both construction jobs and much needed affordable housing," said Rose Buckley, First Vice President and Lending Center Manager at Rockland Trust. "It was a pleasure to work with the DiPlacido Development team on this project to help them develop reasonably-priced, high-quality housing for Wrentham residents."
Located off of Route 140 in Wrentham, Eagle Brook Village is conveniently located within walking distance of Lake Pearl, and will feature moderately priced and affordable single family homes, as well as age restricted units for those 55 and older, in an attractive community equipped with open, public space. The $5.88 million in 40B development financing will assist Eaglebrook Development LLC with purchasing land, building roadways within the village, and constructing the 101 homes. Thomas DiPlacido, Jr., President of DiPlacido Development Corp, has been working on this project for 10 years and recently received approval from MassHousing for Eagle Brook Village as an affordable housing project.
"Eagle Brook Village provides much needed housing for families of all income levels in Wrentham, ranging from young families to senior citizens," said DiPlacido. "We have received substantial interest so far, and look forward to completing construction this year and welcoming families to the community. We are thankful to Rockland Trust for making this financing so seamless and giving us the boost needed to jumpstart the construction process."
About DiPlacido Development Corp.
DiPlacido Development Corp. (DDC) started in 1992 as a residential building company concentrating on single family homes. Since that date, DDC has expanded into a development/general construction firm. From bringing raw land through the permitting process, construction of the infrastructure, and building single family residential homes as well as commercial buildings, DDC prides itself in bringing projects from start to finish. DDC develops land for its most suitable use, while at the same time, setting aside open space for public enjoyment where ever possible. Its end product is unique homes and attractive quality commercial space. For more information, please visit: www.diplacidodevelopment.com.
About Rockland Trust Company
Rockland Trust is one of the most reputable construction lenders in Massachusetts with a reputation built over many years of lending for single family homes, multi-unit dwellings, industrial properties, and retail and office building projects. Through our team of more than 60 veteran commercial bankers and business development officers, we offer builders and developers a variety of solutions personalized to meet each customer's unique needs.
A full-service commercial bank headquartered in Massachusetts with $5.8 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. Rockland Trust's network consists of nearly 80 retail branches, 10 commercial lending offices, four investment management, and three residential lending centers 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.