Eastern Union has arranged $9,424,405 in construction-to-permanent refinancing for the first stage of a multi-phase renovation project at 100 River St; 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.
100 River St. 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.
The renovation is being undertaken by Integrity Community Partners LLC, based in San Diego, with offices in New Jersey, Pennsylvania and Washington, D.C. This represents the first element of a multi-phased project that will include the self-storage facility, commercial enhancements to existing tenant spaces and the site’s Historic Great Hall, and future waterfront improvements along the Black River with pedestrian access to the downtown district. The project also plans a162-unit senior living facility at 5 Pearl St. that will be 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,” Tropp said. “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.”
The loan carried an interest rate of 7.5% over a five-year term, with a 36-month period of interest-only payments. The amortization period is 25 years. The lender was the Bank of New Hampshire.
