Union Savings Bank provides $22.5m construction-to-permanent loan for the former Taunton Press campus redev.

Newtown, CT Union Savings Bank has completed the financing of a $22.5 million commercial construction-to-permanent loan to finance the multi-million dollar transformation of the former Taunton Press campus into a mixed-use residential and commercial community. Located on a 13-acre site on Main St., the high-profile redevelopment features total projected development costs of $32,023,343, with $2,125,000 of the funding provided through the CHFA Build 4 CT program. 

The developer, Taunton Woods, LLC, acquired the historic site in cash in July 2025. The comprehensive redevelopment plan features a total of 83 residential units, with 20% (17 units) intentionally designated as affordable housing to support the local workforce. The project timeline is on a fast track, with full completion anticipated by year-end 2026.

The master plan balances preservation and modern construction.

Adaptive Reuse: The conversion of an existing campus building into 41 apartment units, 6,000 s/f of modern amenity space, and 8,000 s/f of office space, which will be fully leased to regional design firm Claris Design.

New construction: The groundbreaking of a new, three-story residential building housing an additional 42 apartment units.

Taunton Woods, LLC is sponsored by four experienced industry professionals: Phillip Clark, Clayton Fowler, Edmund McGill, and Rakesh Vali. Mr. Fowler brings nearly 40 years of expertise in real estate acquisition and development, having led the creation of over 7,500 housing units. Clark, founder of Claris Design-Build, serves as the general contractor, bringing an extensive track record of successful collaboration with the co-sponsors.

“We are incredibly proud to partner on a project that honors the history of the Taunton Press campus while directly addressing the need for modern housing and economic space in Newtown,” said Chelen Reyes, president and CEO at Union Savings Bank. “By structuring a single-source construction-to-permanent loan, Union Savings Bank is providing Taunton Woods, LLC with the seamless financial transition required to bring a complex, mixed-use project from groundbreaking to long-term stabilization.”

“Our ability to efficiently structure a loan that covers both the heavy lifting of construction and the stability of permanent financing was critical to moving this project forward,” said Clark on behalf of Taunton Woods, LLC. “This redevelopment will breathe new life into Main Street, and Union Savings Bank’s team demonstrated the precise commercial real estate expertise needed to execute our vision.”