Independent Bank : Rockland Trust Provides $14 Million towards the Moran Square Redevelopment Project

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Rockland Trust Provides $14 Million towards the Moran Square Redevelopment Project

Fitchburg, MA - June 1, 2021- Rockland Trust announced today that they provided a $14 million construction loan to Rees-Larkin Development, LLC. for their Moran Square Redevelopment project in downtown Fitchburg. The Moran Square project consists of the adaptive re-use of two historic buildings, along with new construction, to create mixed-income residential units and commercial/retail space. In addition to the $14 million construction loan, Rockland Trust will be purchasing the State Tax Credits and partnering with Stratford Capital to acquire the Federal Tax Credits associated with the project.

'Moran Square Redevelopment represents an ideal public-private partnership in the creation of desperately-needed mixed-income housing,' said Jon Rudzinski, Principal of Rees-Larkin Development. 'The state and local financial support is critical to the project's financial feasibility. It allows for the private market-in this case Rockland Trust-to provide capital in the form of tax credit equity and construction financing.'

The $23.9 million Moran Square Redevelopment project will knit together the historic Harper Furniture Building and the Summer Street Fire Station with a 5-story residential building through the combination of substantial rehabilitation and new construction. The project is central to the Moran Square Historic District and will create 44 mixed-income residential units and 8,400 square feet of commercial space. The project will benefit from substantial financial contributions from Massachusetts Department of Housing and Community Development, MassHousing, and the City of Fitchburg, in the form of State and Federal Tax Credits and low-interest loans.

'Rockland Trust is pleased to partner with Rees-Larkin Development and Stratford Capital to support this important revitalization project in downtown Fitchburg,' said John Quintal, First Vice President at Rockland Trust. 'Moran Square is vital to the city's history and we're excited to be part of the redevelopment effort in bringing affordable housing options to the great city of Fitchburg.'

Twenty units will be affordable to households earning less than 60% of the area medium income (AMI), with five units further restricted for extremely low-income households earning less than 30% of AMI. Set in a convenient location, it is one block from the Fitchburg Intermodal Transportation Center which includes an MBTA Commuter Rail Station and a central bus terminal for the Montachusett Regional Transit Authority.

About Rees-Larkin Development LLC

Founded in 2008, Rees-Larkin Development develops thoughtful, sustainable, and financially-viable affordable and mixed-income communities. Rees-Larkin Development has completed 293 units of award-winning rental housing in four projects, each of which was a complex redevelopment effort in a Massachusetts Gateway City.

About Rockland Trust

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. In addition to this recognition, Rockland Trust was ranked the #1 Bank in Massachusetts, according to Forbes 2020 World's Best Banks list. 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. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape and Islands, and Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank 'Where Each Relationship Matters®,' please visit RocklandTrust.com.

Rockland Trust's Commercial Banking Group has more than 50 commercial lenders and 16 lending centers throughout Massachusetts and Rhode Island. With a lending capacity of up to $100 million, the Commercial Banking Team has broad experience in asset-based lending, commercial real estate, construction and land development, equipment financing, commercial mortgages, and low-income housing loans. Also, the team can meet all the financial needs of its customers with additional services such as business deposit products, merchant and foreign exchange services, and cash management services.