Cordeiro Properties has recently secured a significant amount of funding, close to $10 million, from Rockland Trust. This financing will be used to rehabilitate the Merrill Building in Fall River, MA – a 146-year-old former mill building. The project involves converting the top three floors of the 30,937-square-foot building into 36 market-rate residential units.
According to James Joyce, VP and commercial loan officer at Rockland Trust, they have been collaborating with Cordeiro Properties for several years on various historic rehabilitation projects in Fall River. These include Commonwealth Landing and International Ladies Garment Worker Center Building. This latest project is expected to help address the growing demand for housing options on the South Coast.
Cordeiro Properties has owned this property since 1999 and plans to retain its longtime tenant on the first floor – Southeast Center for Independent Living. With this being their fifth historic project in Fall River so far, Cordeiro aims to complete it by 2025.
In summary:
Rockland Trust has provided Cordeiro Properties with nearly $10 million in financing towards rehabilitating an old mill building known as Merrill Building located at Troy St., Fall River MA which is over a century old (146 years). The plan includes transforming its top three floors into residential units that will cater towards market rates.
James Joyce who serves as Vice President (VP) & Commercial Loan Officer at Rockland trust said that they have been working closely together with Cordiero properties team over numerous years now specifically focusing upon historical rehabilitation projects within fall river such as Commonwealth landing or international ladies garment worker center buildings; these initiatives are aimed towards addressing increasing demands pertaining additional housing options available throughout south coast region.”
Cordiero properties acquired ownership rights back during ’99 when tenants were still occupying ground level space; however under current proposal those same occupants shall continue leasing arrangements while construction work progresses ahead according company’s spokespersons.” This project marks fifth historical undertaking by Cordiero properties within fall river and is expected to be completed by 2025.
