Rockland Trust has partnered with Affirmative Investments, Inc. and Island Housing Trust to provide $19.75 million in construction financing for the development of Meshacket Commons in Edgartown on Martha’s Vineyard. This project will consist of 40 affordable residential units, including 36 rental units and four homeownership units.
In addition to the construction financing, Rockland Trust is also facilitating the acquisition of state and federal tax credits for this project. The bank will purchase the state tax credits while partnering with Stratford Capital to acquire federal tax credits associated with the rental units.
The selection process for this development was conducted by Edgartown in 2021, resulting in Affirmative Investments, Inc. and Island Housing Trust being chosen as developers for this site. Alongside Rockland Trust’s loan contribution, significant financial support will also come from The Executive Office of Housing and Livable Communities, Community Economic Development Assistance Corporation (CEDAC), MassHousing,andthe TownofEdgartown through additional state/federal tax creditsandlow-interest loans.
