Press Release
Rockland Trust announced they provided a $10.5 million loan to SCG Development to facilitate the revitalization of the Oxford School Residences located in Fairhaven, Massachusetts. The funds, which include a commitment to both construction and permanent loan financing, will go toward the creation of 54 affordable units of senior housing at the historic property. In addition to the $10.5 million loan, Rockland Trust will be purchasing the state tax credits and has partnered with Stratford Capital, to acquire the federal tax credits associated with the project.
“We are very pleased to have Rockland Trust act as a significant financial participant in this transaction. They have proven to be accessible and solution-oriented, and we’re grateful for their partnership,” said Steve Wilson, President and Principal of SCG Development.
The Oxford School Residences is an adaptive reuse of an 1896 schoolhouse and mid-century addition that was last used by the Fairhaven school department in 2012. Upon completion, the project will include affordable housing for residents 62 years of age or older. Ten of the 54 units will be from the renovation of the historic schoolhouse while the remaining 44 units will be through the construction of a new three story building.
“Rockland Trust is pleased to support the Oxford School Residences and to work closely with Keith McDonald of SCG Development who has steered this project forward from the beginning,” said John Quintal, First Vice President and Boston Lending Center Manager at Rockland Trust. “The project will serve Fairhaven and the surrounding area’s senior community, providing them with housing security which continues to be a critical issue in this region.”
In addition to the loan provided by Rockland Trust, the project will benefit from substantial financial contributions from the Mass. Department of Housing and Community Development, CEDAC, MassHousing, and the Town of Fairhaven, in the form of state and federal tax credits and low-interest loans. Construction completion is expected in the spring of 2022.
SCG Development and its affiliated company Stratford Capital Group are committed to developing high quality affordable and workforce housing to support healthy and diverse communities. The companies have participated in the capitalization and development of over 250 properties comprising 27,400 apartment units across 27 states. SCG Development has active development projects in 12 states and maintains offices in Tysons, Virginia and Peabody, Massachusetts.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named The Boston Globe’s “Top Places to Work” 2020 list, an honor earned for the 12th consecutive year. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall “Outstanding” rating received in its most recent Community Reinvestment Act performance evaluation.
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