SPRINGFIELD, Vt. – Eastern Union, one of the country’s largest commercial mortgage brokerages, has arranged $9,424,405 in construction-to-permanent refinancing for the first stage of a multiphase renovation project at 100 River Street in Springfield, Vt. This portion of the initiative will create a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. The lender was the Bank of New Hampshire.
The renovation – undertaken by Integrity Community Partners LLC, based in San Diego, Calif., with offices in New Jersey, Pennsylvania, and Washington, D.C. – represents the first element of a multiphase project that will include the self-storage facility, commercial enhancements to existing tenant spaces, the historic Great Hall, as well as future waterfront improvements along the Black River, with pedestrian access to the downtown district, as well as a planned 162-unit senior living facility at 5 Pearl Street that will be the part of a separate application to the Springfield Planning Commission.
Eastern Union’s financing efforts were overseen by senior managing director Marc Tropp, who led a team including senior managing director David Merkin, senior loan originator Ben Alpert, and underwriter Ary Katzenstein.
“Securing financing for a large-scale development project in a rural setting like this can pose significant challenges,” said Tropp. “Thanks to Eastern Union’s extensive knowledge of the nationwide lending community, we succeeded in coming through with competitively priced financing for the first phase of this ambitious initiative.”
100 River Street is a 187,030-square-foot building that currently houses six commercial tenants occupying 49,110 square feet of space. The location was originally home to the historic Fellows Gear Shaper Company mill complex, founded by inventor and entrepreneur Edwin R. Fellows in 1896.