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Newburyport TOD Gets $19.3M in Financing

Nov 25, 2020 | Reprints | Unlock Link

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Image courtesy of Minco Develoment

Financing from Rockland Trust Co. and Newburyport Bank is supporting a 76-unit transit-oriented development scheduled to open next to the MBTA commuter rail’s Newburyport station in early 2021.

North Andover-based Minco Development is developing the One Boston Way project, located in a new smart growth overlay district.

The two banks provided a $19.3 million loan for the project which features six two-bedroom “live-work” units on the first floor with direct exterior access designed to accommodate home businesses. The rest of the building includes 16 studios, 19 one-bedroom units, 27 two-bedroom units and eight three-bedroom units.

“We believe in Newburyport’s vison to provide flexible and easily-accessible transportation options, and this development fully supports those planning objectives,” said Nancy Bailey, first vice president of commercial lending at Rockland Trust, in a statement.

B&T Daily