Financing Loan Boosts Multifamily Project at Abandoned Amusement Park
- Sep 04, 2015
Citizens Bank provided a $6.46 million construction loan towards the development of Lincoln Place LLC, a 36-unit low- and median-income apartment building that’s part of the multi-phase redevelopment effort at an abandoned amusement park in Dartmouth. The loan adds to a $7 million grant in state and federal Low Income Housing Tax Credit, $3.5 million in state funding, a permanent loan through Bay Coast Bank in Fall River, and a $100,000 loan through Dartmouth Affordable Housing Trust funds that was granted this summer.
“Citizens Bank moved forward in a timely fashion to help get this transaction closed. This development offers Southeastern Massachusetts residents more options for affordable housing, which is an important goal for us and for Citizens,” said developer Paul Carrigg.
The financing will help the construction of the first of three residential structures planned at the 42-acre amusement park that remained abandoned and vacant since 1987. According to South Coast Today, the overall redevelopment plans also include another 36-unit apartment building and a 48-unit building that were approved in March 2014, 57 single family homes, as well as 80,000 square feet of commercial and retail space fronting Route 6.