Rockland Trust has allocated $21 million for the first phase of the redevelopment of Eagle Mill complex in Lee, MA. The project, led by BHDC-RLD Lee LLC, aims to transform the historic mill building into 56 mixed-income rental units.
The financing package consists of a construction loan and state tax credit purchase. Additionally, Rockland Trust has collaborated with Stratford Capital to secure Federal Tax Credits. Spearheading this venture are Rees-Larkin Development and Berkshire Housing Development Corp.
Of the 56 units being developed, 36 will be affordable for households earning less than 60% of the area median income while eight units will be designated for low-income households.
According to John Quintal, senior vice president at Rockland Trust: “We are delighted to partner with Rees-Larkin Development and Berkshire Housing Development Corp in supporting the redevelopment of Eagle Mill which not only pays homage to its rich history but also addresses pressing affordable housing needs.”
This news was originally published on Connect CRE’s website.
