BOSTON—Rockland Trust reports it has provided financing for two Holland Companies housing projects in the Boston area. The developments include a luxury, condominium building in Back Bay and a mixed-use property in the South End.
Specific terms and the amount of the financing provided for the two projects were not released.
“We are thrilled to be partnering with The Holland Companies on these innovative projects, located in two of Boston's most sought-after neighborhoods,” says 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' Four51 condominium development project at 451 Marlborough St. will house 30,000 new square feet of residential living space with eight luxury units ranging in size from 2,000 square feet to 5,200 square feet. Construction began on the project in Boston's Back Bay neighborhood in July 2013 and is scheduled for completion in spring 2016.
The second Holland project, Jordan Lofts, is a mixed-use property located at 477 Harrison Ave. in Boston's South End district. The building will house 4,800 square-feet of retail space, suitable for a gallery or retail tenants. The Jordan Lofts remodel also creates 12 new luxury residential units where the historic brick and beam stables are located. These stables once housed horses used to deliver merchandise for the Jordan Marsh Company. The 8,000-square-foot floor plates are being reoriented to take advantage of these spectacular views on three sides of the building, bank officials state. Construction began in October 2013 and will be completed in the spring of 2015.
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