New Bedford Mill Project Takes On $19M Loans

Source: Banker and Trademan
By Banker and Trademan
The Riverbank Lofts project in New Bedford has secured a $19.2 million debt and equity arrangement, according to Jeffrey M. Rome of Capital Access US LLC.
Chestnut Hill-based Capital Access acted as intermediary for all components of the transaction, including construction, bridge and mezzanine loans, as well as the placement and sale of federal and state historic tax credits.
The Riverbank Lofts are being built in one of the former Manomet mills. The two-building mill complex was built in the early part of the 20th century and made yarn. It sits on the west bank of the Acushnet River.
The Riverbank Lofts project will turn the 234,000-square-foot mill into 126 market rate residences with surface and garage parking. Amenities will include wireless wifi network, tennis courts and gardens. The property will abut a new $2.9 million river walk being constructed by the City of New Bedford along the Acushnet River.
Friday, May 11, 2012, 11:18am
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