Torrington Recaps Seacoast Landing via $72M+ Needham Bank Financing
October 28, 2026 - By Ava Hutchinson
NEWINGTON — The largest development project underway on New Hampshire’s evolving Seacoast just received a financial confidence boost from a $72.4M recapitalization arranged by Newmark Boston Capital Markets. The loan from Needham Bank reinforces Torrington Properties’ massive ±600,000 SF project known as ‘Seacoast Landing.’ The development is currently finalizing demolition of the former Fox Run Mall.
“This is a fantastic large-scale development project to be involved with Torrington on; they’ve done a great job expanding their Southern New Hampshire portfolio, and with the growth of the area, there is a lot of confidence in this development,” attests Conor Reninstierna, Associate Director of Debt & Structured Finance at Newmark, who helped facilitate the financing for the estimated $350M mixed-use development.
The southern New Hampshire seacoast is experiencing rapid growth, particularly as Massachusetts residents relocate north to establish primary homes, driven largely by tax advantages, value, and proximity to Boston, which is squeezing the market and creating high demand, providing an optimal timing window for developers.
“Seacoast Landing represents an exciting opportunity to reimagine an established property for the Seacoast community, and we’re proud to support Torrington in bringing that vision to life,” exclaimed Joseph Campanelli, President & CEO of Needham Bank, who has partnered on numerous Torrington projects and is resolute in their success. “Torrington has been a Needham Bank client for more than a decade, and we have tremendous respect for their thoughtful approach to real estate investment and redevelopment.
Seacoast Landing was backed by the town of Newington’s voter-approved $9 million Tax Increment Financing. The developers have secured Costco as its primary anchor, which will feature a 152,000 SF warehouse, a 16-pump fuel station, a tire center, and 820 parking spaces. Costco is targeting November 2027as its opening. Atlantic Retail is handling the leasing assignment for Torrington. The development will include a 75,000 to 100,000 SF flagship medical facility occupying about one-third of a walkable village. It will secure a second major retail anchor, multiple office/core buildings, and several restaurants and brand retailers.
