Rockland Trust provides $8 million for historic adaptive re-use project

Gloucester, MA Cape Ann Housing LLC, an affiliate of the YMCA of the North Shore, has secured $8 million in financing from Rockland Trust for the gut renovation and rehabilitation of the Pattillo Building in the town’s Historic District. Built in 1889 and located at 67 Middle St., the building has long served the community in various capacities and will now be converted from 22 single-room occupancy units to 28 studio units for low-income individuals.

“Rockland Trust is honored to partner with the YMCA of the North Shore in support of this transformative housing redevelopment” said Charles Testa, vice president and commercial loan officer at Rockland Trust. “This project will not only address the critical need for more affordable housing but will also enhance the quality of living for its residents while supporting the YMCA’s mission.”

The YMCA of the North Shore first purchased the Pattillo Building in 1994. “We are pleased to partner with Rockland Trust and Greystone Capital to renovate one of our first affordable housing projects from three decades ago” said Jamie McGrath, vice president of project management at the YMCA of North Shore. “The Pattillo Building paved the way for our organization to develop other affordable housing. Today, the Y provides safe, affordable homes for more than 550 residents across Essex County, including 72 in Gloucester.”

Additional funding sources of the project include federal and state historic tax credits, federal low-income housing tax credits, and support from the Massachusetts Executive Office of Housing and Livable Communities, as well as local grants. Greystone Capital served as the tax credit syndicator for the project.

“Revitalizing historic assets like the Pattillo Building into high-quality affordable housing is at the heart of our mission, and we’re honored to play a role in preserving both the character and community impact of this property.” said Ben Jarvis, senior vice president of developer production at Greystone Real Estate Capital LLC.