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Rockland Trust Provides Financing Package For Former Mill In Lee; $21M Construction Loan Included

March 18, 2024
Eagle Mill Complex, Lee MA (Rendering)

LEE — Rockland Trust provided a financing package for the first phase of the redevelopment complex branded, The Eagle Mill, in Lee, Massachusetts. The Eagle Mill, Phase I project entails the adaptive reuse of a historic mill building to create 56 mixed-income rental units.

BHDC-RLD Lee LLC, a joint venture between Rees-Larkin Development of Boston, MA, and Berkshire Housing Development Corp will undertake the Phase I project by fully rehabilitating the main mill structure. The financing package included a $21 million construction loan, the purchase of state tax credits, and a partnership with Stratford Capital to acquire the Federal Tax Credits associated with the project.

“The master redevelopment of the long-vacant Eagle Mill complex will have a major impact on downtown Lee by creating over one hundred new residences and restoring the economic vitality of the northern tip of the central commercial district,” said Jon Rudzinski, Principal of Rees-Larkin Development. Eileen Peltier, CEO/President of Berkshire Housing Development Corporation added, “We are thrilled to be bringing these much-needed, beautiful, affordable homes to Lee. In this housing environment of very limited housing stock, projects like this will be deeply impactful to the people of the Berkshires.”

“Rockland Trust is pleased to partner with Rees-Larkin Development and Berkshire Housing Development Corp. to support the redevelopment of the Eagle Mill which honors the area’s history and addresses affordable housing needs,” said John Quintal, Senior Vice President at Rockland Trust.

Thirty-six units will be affordable to households earning less than 60% of the area medium income (AMI) with eight units further restricted for extremely low-income households earning less than 30% of AMI. Set in a convenient location, it is near the heart of downtown Lee and less than one mile from the Mass Pike.