Rockland Trust Provides Financing to the Holland Companies to Fund Two Real Estate Development Projects in Metro Boston
BOSTON – August 14, 2014 – Rockland Trust today announced financing for the Holland Companies, a family-owned business known for its long-standing tradition of excellence in design and construction in Boston, to fund the development of a luxury, condominium building in Back Bay and a mixed-use property in the South End. These transactions underline the growing popularity of both living and working in the City of Boston.
“We are thrilled to be partnering with The Holland Companies on these innovative projects, located in two of Boston’s most sought-after neighborhoods,” said Helen Garvey, Vice President of Commercial Lending at Rockland Trust. “These projects are consistent with the growth in commercial lending and construction that Rockland Trust has been experiencing in Metro Boston, as we continue to expand our footprint.”
The Holland Companies condominium development project will house 30,000 new square feet of residential living space with eight luxury units ranging in size from to 2,000 square feet to 5,200 square feet. The building will be named Four51, reflective of its location at 451 Marlborough Street. It represents a unique opportunity to construct a contemporary building in Boston’s historic Back Bay neighborhood. Construction began on the project in July of 2013 and is scheduled for completion in spring 2016. This project is designed by Hacin Architects and will complete the neighborhood transition that started with The Meads and the Bradley Condominiums.
“Rockland Trust has been an excellent partner for us,” said Joseph Holland, Manager at the Holland Companies.
The second Holland project, Jordan Lofts, is a mixed-use property located at 477 Harrison Avenue in Boston’s South End district. The building will house 4,800 square-feet of retail space, which is suitable for a gallery or retail tenants. The Jordan Lofts remodel also creates 12 new residential units where the historic brick and beam stables are located. These unique stables once housed horses used to deliver merchandise for the Jordan Marsh Company. The twelve luxury residential lofts, with ceilings ranging from 11 to 14’ high, feature large glass windows and door units with sweeping views of the city. The 8,000sf floor plates are being reoriented to take advantage of these spectacular views on three sides of the building. Construction began in October 2013 and will be completed in the spring of 2015.
About Rockland Trust
Independent Bank Corp. has approximately $6.3 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 has been named as one of America's "Best Banks" by Forbes for three consecutive years, 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.
About The Holland Companies
With more than 100 years of combined experience in the design, engineering and construction industries, Holland Development and M. Holland & Sons Construction have managed hundreds of residential and commercial projects. It offers a unique combination of services to buyers by providing historical designs, sound re-engineering and quality construction in highly sought-after and difficult building environments like the Back Bay, South End and Beacon Hill.
Holland Development was founded in response to the market need for high-quality residential construction in affluent urban Boston areas. It is a direct offshoot of M. Holland & Sons Construction, Inc., a 40-year-old family-owned-and-managed general construction company and its resident design and engineering professionals. Its mission is to provide high-quality, historically designed residential housing.