Financial Digest

MassDevelopment issues $12.08 million tax-exempt bond on behalf of Inquilinos Boricuas en Acción, Inc.

Boston, MA MassDevelopment has issued a $12.08 million tax-exempt bond on behalf of Inquilinos Boricuas en Acción, Inc. (IBA), which will use proceeds to build the city’s new home for Latinx art and community empowerment, La CASA: The Center for Arts, Self-Determination,

Related Beal closes financing on Innovation
Square Phase III development

Boston, MA Related Beal has closed financing on Innovation Square Phase III (ISQ3), a 345,000 s/f life science development in the city’s Raymond L. Flynn Marine Park (RLFMP). Details of the financing were not disclosed.

Rockport Mortgage closes $10.3 million in financing for 70-units of affordable housing - Prence Grant and Meadowbrook Apartments

Carver, MA Rockport Mortgage has closed on a $10.3 million, HUD Section 223(f) refinance loan for Prence Grant and Meadowbrook Apartments, 70-units of subsidized affordable housing for seniors located on three non-contiguous parcels of land in the towns of Marshfield and Carver.

Winchester Savings Bank elects Merritt to the board of trustees

Winchester, MA According to John Carroll, president and CEO of Winchester Savings Bank, Edward Merritt has been appointed to the board of trustees. Merritt was elected to the board for a three-year term at the bank’s annual meeting.

Union Savings Bank launches Rapid Loan and Line of Credit programs to help small businesses fast-track lending process

Danbury, CT Union Savings Bank has introduced a new suite of Rapid Loans designed to help qualified small business owners access funding quickly and easily. The rapid product suite includes both term loans and lines of credit with a maximum loan amount of $50,000.

Rockland Trust appoints Eidle as senior vice president, commercial banking center manager

Peabody, MA Rockland Trust has appointed David Eidle as senior vice president, commercial banking center manager for the Peabody office. In this role, Eidle will be leading a team of commercial bankers to expand the bank’s commercial and industrial (C&I) business north of Boston.

MountainOne’s commercial lending division hires Duckett and Glynn

North Adams, MA The commercial lending division at MountainOne Bank continues to grow with the recent additions of Peter Duckett and Christopher Glynn as commercial portfolio manager and associate commercial portfolio manager, respectively.

Worth Avenue Capital provides $1.5 million loan

Greenwich, CT Worth Avenue Capital, LLC (WAC) has closed a $1.5 million short-term bridge loan for a local home builder. The loan proceeds will be used for working capital purposes by the borrower and the loan is secured by a blanket second mortgage on two recently constructed luxury homes,

Eastern Bank provides financing for Capstan Atlantic’s conversion to employee-owned company

Boston, MA Eastern Bank has provided the financing to facilitate Capstan Atlantic’s conversion to an employee-owned company. Founded in 1956 and located in Wrentham, Mass., Capstan Atlantic is an industry leading powder metal manufacturer producing complex gears, sprockets and structural components for the automotive industry

The Village Bank promotes employees at annual meeting

Newton, MA At The Village Bank’s recent annual meeting, president and CEO Joseph De Vito announced the following officer promotions: Lisa Boccabella will assume the new title of senior vice president, chief risk officer.