{"id":8758,"date":"2025-04-15T11:22:57","date_gmt":"2025-04-15T11:22:57","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=8758"},"modified":"2025-04-28T15:08:53","modified_gmt":"2025-04-28T15:08:53","slug":"eastern-union-secures-9-4-million-to-refinance-renovation-project-that-will-deliver-a-self-storage-facility-and-retail-space-in-springfield-vt","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/eastern-union-secures-9-4-million-to-refinance-renovation-project-that-will-deliver-a-self-storage-facility-and-retail-space-in-springfield-vt\/","title":{"rendered":"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"},"content":{"rendered":"


\nEastern Union, one of the country\u2019s 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.<\/span><\/span><\/span><\/p>\n

Springfield is located along the Black River about 95 miles northeast of Albany, NY and about 130 miles northwest of Boston.<\/span><\/span><\/span><\/p>\n

The renovation is being undertaken by Integrity Community Partners, LLC based in San Diego, CA with offices in New Jersey, Pennsylvania and Washington, DC. This represents the first element of a multi-phased project that will include the self-storage facility, commercial enhancements to existing tenant spaces and the site\u2019s Historic Great Hall, as well as future waterfront improvements along the Black River with pedestrian access to the downtown district \u2013 as well as a planned, 162-unit senior living facility at 5 Pearl Street that will be part of a separate application to the Springfield Planning Commission.<\/span><\/span><\/span><\/p>\n

Eastern Union\u2019s 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.<\/span><\/span><\/span><\/p>\n

\u201cSecuring financing for a large-scale development project in a rural setting like this can pose significant challenges,\u201d said Mr. Tropp. \u201cThanks to Eastern Union\u2019s extensive knowledge of the nationwide lending community, we succeeded in coming through with competitively priced financing for the first phase of this ambitious initiative.\u201d<\/span><\/span><\/span><\/p>\n

The loan carried an interest rate of 7.5 per cent 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.<\/span><\/span><\/span><\/p>\n

The developer describes the overall project \u2013 called the 100 River Street-Springfield Campus by Integrity Community Partners \u2013 as \u201ca planned intergenerational community lifestyle campus which integrates public-facing retail with Independent and senior living to deliver best-in-class services and a hub for social connection.\u201d<\/span><\/span><\/span><\/p>\n

\u201cThis financing represents a critical step forward in the multidimensional development of this historic site,\u201d said\u00a0Mark Ellenbogen, partner and development director of Integrity Community Partners, LLC.\u00a0\u00a0\u201cCommunity Partners appreciates Eastern Union\u2019s vital role in helping us advance a project that will benefit Springfield and its surrounding communities for many years to come.\u201d<\/span><\/span><\/span><\/p>\n

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.<\/span><\/span><\/span><\/p>\n

About Eastern Union<\/b><\/span><\/span><\/span><\/p>\n

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.<\/span><\/span><\/span><\/p>\n

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 \u2013 handled in conjunction with company affiliate Eastern Equity Advisors \u2013 equity placement.<\/span><\/span><\/span><\/p>\n

For more information, visit www.easternunion.com<\/b><\/u><\/a>.<\/span><\/span><\/span><\/p>\n

Media contact<\/u>:
\n<\/i><\/span><\/span><\/span>Steve Vitoff
\n<\/b><\/span><\/span><\/span>Eastern Union
\n<\/span><\/span><\/span>516 652 0785
\n<\/span><\/span><\/span>svitoff@easternunion.com<\/b><\/u><\/a><\/span><\/span><\/span><\/p>\n

Source<\/strong><\/span>: Eastern Union<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern Union, one of the country\u2019s 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 is being undertaken by Integrity Community Partners, LLC based in San Diego, CA with offices in New…<\/p>\n","protected":false},"author":13,"featured_media":6563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8758"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=8758"}],"version-history":[{"count":4,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8758\/revisions"}],"predecessor-version":[{"id":8802,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8758\/revisions\/8802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/6563"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=8758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=8758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=8758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}