Newburyport, MA – November 23, 2020 – Rockland Trust announced today that it partnered with Newburyport Bank to provide a $19.3 million loan to MINCO Development for the financing of their One Boston Way development. One Boston Way is a true transit-oriented development. The 76-unit project is located adjacent to both the MBTA Newburyport station, offering convenient access to Boston, and the Clipper City Rail Trail multi-use community path, which connects to Newburyport’s downtown and beyond.
“Rockland Trust is delighted to support the One Boston Way project. We believe in Newburyport’s vison to provide flexible and easily-accessible transportation options, and this development fully supports those planning objectives,” said Nancy Bailey, First Vice President, Commercial Lending at Rockland Trust. “Creating housing opportunities such as those offered at One Boston Way helps to broaden the city’s appeal, and more importantly, strengthens the community.”
Located within Newburyport’s Smart Growth Overlay District near the MBTA rail station and Route 1, this project will help to achieve essential components in the City of Newburyport’s Master Plan, including improvements to the land, mixed-use development, and increased housing supply. Because of its location in the Smart Growth Overlay District, One Boston Way offers residents the ability to live and work in the same building, with workspaces available on the ground floor.
“Since our Bank’s founding in 1854, we’ve been committed to improving the lives of our community members while promoting projects that enhance Newburyport in sustainable ways and highlight our city’s unique history. Our partnership with MINCO Development, from the initial concept on One Boston Way, builds on the loyal and long-term relationship we’ve enjoyed with them for years. Rockland Trust’s commitment to this landmark project is exciting and we’re thrilled to partner with them and bring positive change to our community, which builds upon our long-valued tradition of balancing quality of life in our community with business growth,” said V. John Garozzo, Vice President Commercial Loan Officer of Newburyport Bank.
One Boston Way, a LEED certified project, offers a variety of unit types to fit the needs of residents, including 16 studio units, 19 one-bed units, 27 two-bed units, and eight three-bed units. In addition, there are six two-bedroom “live/work” units on the first floor, with direct exterior access to accommodate home businesses. The project, which is approximately 65 percent complete, is one of the few apartment complexes in the city. One Boston Way anticipates welcoming residents during Q1 2021.
“Rockland Trust and Newburyport Bank are true partners – investing their time to understand our vision and future goals for our community and its residents,” said Lou Minicucci, President of MINCO Development Corporation. “Nancy and John’s commitment to building strong relationships has been instrumental in turning this vision into reality, and their support will help carry us through to the completion of the project in the Spring of 2021.”
About MINCO Development
Since 1982 Minco Development has been a full service commercial real estate company involved in all aspects of the real estate industry. Minco Development has developed numerous commercial properties and over 3,000 housing units. The company focuses on the development of commercial and residential properties that improve the built environment and meet the needs of the communities while providing house opportunities and economic growth.
About Newburyport Bank
Newburyport Bank is a state-chartered mutual savings bank headquartered in Newburyport, MA.The Bank was founded in 1854 and currently has 11 locations in both Massachusetts and New Hampshire, and over $1 billion in assets. Deposits at Newburyport Bank are federally insured by the Federal Deposit Insurance Corporation (FDIC), with excess insurance provided by the Depositors Insurance Fund (DIF).As the premier full-service community bank in the Greater Seacoast Region, the Bank offers a complete range of personal and business products and services, as well as the most advanced technologies in online and mobile banking.
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 to The Boston Globe’s “Top Places to Work” 2019 list, an honor earned for the 11th 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, as well as in 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 visitRocklandTrust.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 up to $100 million, the Commercial Banking Team has broad experience in areas such as asset-based lending, commercial real estate, construction and land development, equipment financing, commercial mortgages, and low-income housing loans. In addition, 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.
