Rockland Trust provides $8m in financing for JP’s Arboretum Place
Rockland Trust, a Rockland-based commercial bank with $5.8 billion in assets, said Tuesday that it provided $8 million in financing for the recently completed Arboretum Place in Boston’s Jamaica Plain neighborhood.
Tenants at the 40,000-square-foot Arboretum Place include a grocery store (Harvest Co-op Market) as well as an animal hospital and a social services office. Before construction on the project started in 2011, the site was empty lots, Rockland Trust said.
Rockland Trust said it provided financing for the project to two affiliates of WCI Realty, which is the property owner and manager for Arboretum Place. The credit facility includes a $2.1 million construction loan and $5.9 million in construction financing that was converted to a permanent mortgage.
“Rockland Trust is dedicated to improving Massachusetts’ communities by providing funding to developments that spur economic recovery such as Arboretum Place,” John McGregor, first vice president of commercial lending at Rockland Trust, said in a statement. “This new project brings jobs and amenities to Jamaica Plain, and Arboretum Place is one of the first new developments in the Forest Hills area in decades. We look forward to seeing how it reinvigorates the community.”Chris Reidy can be reached at firstname.lastname@example.org.