Eastern Bank Announces $2.6 Million Construction Loan For Stoneridge Mutual PropertiesSeptember 27, 2019
New residential property is part of a redevelopment effort to revitalize downtown Brockton
BOSTON, MA, September 27, 2019 – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce a $2.6 million construction loan to Stoneridge Mutual Properties (Stoneridge) for the conversion of a former office building into a residential property at 75 Commercial Street in downtown Brockton, and an abutting property available for retail use. Called “Commercial Station,” the property at 75 Commercial Street will house 24 market-rate apartments featuring 22 one bedroom and two studio apartments, and the abutting property at 127 Centre Street will be known as “Centre Station.” This is the first part of a multi-phase transit-oriented residential development being planned by Stoneridge to support the revitalization of downtown Brockton with additional residents, businesses and amenities.
The property is within walking distance of commuter rail and bus stations, and provides easy commuter access to and from Boston and around Brockton and the South Shore. Leasing applications are currently being accepted with first occupancies planned for late 2019.
“We are excited to offer convenient, affordable living in downtown Brockton. Our vision is to build an urban neighborhood with market-rate housing and we are proud to work with Eastern Bank and the City of Brockton in this revitalization,” said Darrin DeCoste, Partner, along with Greg Keefe and Steve Baylis, of Stoneridge Mutual Properties.
The Commercial Real Estate team advising Stoneridge includes Executive Vice President, Senior Commercial Banking Officer Matthew Osborne and Senior Vice President Sean Boucher.
Pictured at a ribbon cutting to celebrate the opening of the residential property at 75 Commercial Street are, left to right: Matthew Osborne, Executive Vice President, Senior Commercial Banking Officer, Eastern Bank; Robert Sullivan, Brockton Councillor-At-Large; Dennis Eaniri, Brockton Councilor Ward 3; City of Brockton Mayor Moises Rodrigues; Darrin DeCoste, Partner, Stoneridge Mutual Properties; Massachusetts Lieutenant Governor Karyn Polito; Steve Baylis, Partner, Stoneridge Mutual Properties; Greg Keefe, Partner, Stoneridge Mutual Properties; State Senator Michael D. Brady; and Alexandria Reinertson, Metro South Chamber of Commerce.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with over $11 billion in assets and more than 115 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
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