Business
Eastern Bank Provides $15.5 Million Affordable Housing Construction Loan For Causeway Development
BOSTON--(BUSINESS WIRE)-- Eastern Bank is pleased to announce $15.5 million in construction financing to Causeway Development for the conversion of a
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nEastern Bank is pleased to announce $15.5 million in construction financing to Causeway Development for the conversion of a historic mill building at 142 Main Street in downtown Brockton. The project will provide 30 mixed-income housing units—10 market-rate, 15 affordable (up to 60% of the Area Median Income (AMI), and five Massachusetts Rental Voucher Program (MRVP) units (up to 30% AMI)—as well as three ground-level commercial spaces, including a community-oriented coffee shop.\n\n\nCauseway Development is a Massachusetts-based real estate advisor, investor and development company specializing in creating housing and community spaces where public purpose and private investment meet. The firm specializes in mixed-income and adaptive reuse projects that strengthen local economies and preserve the character of New England communities. The 142 Main Street redevelopment reflects Causeway’s commitment to restoring underutilized properties into lasting homes and vibrant neighborhood anchors.\n\n\n“Eastern Bank understands our vision for community-oriented development, and has been a trusted partner across several affordable and mixed-income projects,” said Dave Traggorth, Principal of Causeway Development. “We’re proud to work together again on the revitalization of this historic downtown Brockton property, which will bring new housing, new energy and a renewed sense of place to Main Street.”\n\n\n“This redevelopment blends Low-Income Housing and Historic Tax Credits to make preservation and affordability work hand in hand,” said Dan Hubbard, Principal of Causeway Development. “Eastern Bank’s Community Development Lending team understands the intricacies of these layered financings and brings a collaborative, solutions-oriented approach that helps turn complex projects like this into reality.”\n\n\n“We’re proud to support Causeway Development’s project at 142 Main Street in Brockton, which will bring affordable housing and additional economic opportunity to downtown Brockton,” said Pam Feingold, Senior Vice President and Group Director of Community Development Lending of Eastern Bank.\n\n\nEastern provides a range of community development financing offerings to fund the development of affordable housing and support the credit needs of non-profits. Community development lending solutions include constructio...