**First Phase of Vermont Renovation Project Secures $9.4M Loan**
Eastern Union has successfully arranged $9.42 million in construction-to-permanent refinancing for the initial phase of a multi-phase redevelopment project located at 100 River Street in Springfield, Vermont. The financing initiative was led by Marc Tropp, Senior Managing Director at Eastern Union, and supported by a team including Senior Managing Director David Merkin, Senior Loan Originator Ben Alpert, and Underwriter Ary Katzenstein.
The loan features a 7.5% interest rate over a five-year term, with the first 36 months structured as interest-only payments. The subsequent amortization period spans 25 years. Financing was secured through the Bank of New Hampshire.
The redevelopment is being spearheaded by Integrity Community Partners, LLC, a San Diego-based firm. This first phase involves creating a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. It marks the beginning of a broader three-phase project that will also include construction of two six-floor buildings: a 100-unit, age-targeted multifamily property and a 162-unit senior living community at the neighboring 5 Pearl Street.
The site is historically significant, previously serving as the home of the Fellows Gear Shaper Company mill complex. This facility was established in 1896 by Edwin R. Fellows, an inventor and entrepreneur, contributing to Springfield’s industrial legacy.
