Eastern Union Secures $9,424,405 to Refinance Renovation Project That Will Deliver 43,000-Square-Foot Self-Storage Facility and 55,000 Square Feet of Retail Space in Springfield, VT

Initiative Sets in Motion a Multi-Phase Plan That Will Eventually Add 100-Unit Multifamily Property and 162-Unit Senior Living Center to Site

NEW YORK, April 7, 2025 /PRNewswire/ -- Eastern Union, one of the country's largest commercial mortgage brokerages, has arranged $9,424,405 in construction-to-permanent refinancing for the first stage of a multi-phase renovation project at 100 River Street in Springfield, VT. This portion of the initiative will create a 43,000-square-foot self-storage facility and 55,000 square feet of retail space.

Springfield is located along the Black River about 95 miles northeast of Albany, NY and about 130 miles northwest of Boston.

The renovation – undertaken by Integrity Community Partners, LLC based in San Diego, CA with offices in New Jersey, Pennsylvania and Washington, DC – represents the first element of a three-phase project that will ultimately also deliver a six-floor, 100-unit, age-targeted multifamily property and an adjacent, six-floor, 162-unit senior living facility at 5 Pearl Street.

Eastern Union's financing efforts were overseen by senior managing director Marc Tropp, who led a team including senior managing director David Merkin, senior loan originator Ben Alpert  and underwriter Ary Katzenstein.

"Securing financing for a large-scale development project in a rural setting like this can pose significant challenges," said Mr. Tropp. "Thanks to Eastern Union's extensive knowledge of the nationwide lending community, we succeeded in coming through with competitively priced financing for the first phase of this ambitious initiative."

The loan carried an interest rate of 7.5 percent over a five-year term, with a 36-month period of interest-only payments. The amortization period is 25 years. The lender was the Bank of New Hampshire.

The developer describes the overall project – called the 100 River Street-Springfield Campus by Integrity Community Partners – as "a planned intergenerational community lifestyle campus which integrates public-facing retail with multifamily residential and senior living to deliver best-in-class services and a hub for social connection."

"This financing represents a critical step forward in the multidimensional development of this historic site," said Mark Ellenbogen, partner and development director of Integrity Community Partners, LLC.  "Community Partners appreciates Eastern Union's vital role in helping us advance a project that will benefit Springfield and its surrounding communities for many years to come." 

100 River Street is a 187,030-square-foot building that currently houses six commercial tenants occupying 49,110 square feet of space. The location was originally home to the historic Fellows Gear Shaper Company mill complex founded by inventor and entrepreneur Edwin R. Fellows in 1896.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, multifamily, office, retail, healthcare, hospitality, manufactured home properties, single-family rentals, self-storage, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.    

Media contact:

Steve Vitoff
Eastern Union
516 652 0785
392939@email4pr.com

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SOURCE Eastern Union