Rockland Trust and Newburyport Bank Provide $30 Million to MINCO Development for a Merrimack Valley Passive House Multifamily Project: Massachusetts HomeBuyers HomeOwnership

 Newburyport, MA– Rockland Trust partnered with Newburyport Bank to provide a $30.6 million loan to MINCO Development Corporation for the construction of their energy-efficient Passive Housing residential development, Newburyport Crossing at Three Boston Way in Newburyport, MA. Three Boston Way will be one of the few Passive House multifamily projects designated in the Northeast, which means that the building itself is certified to deliver significantly less energy for space conditioning and over sixty percent less energy overall by leveraging natural light and highly efficient HVAC systems.

 “Rockland Trust is delighted to work with Louis P. Minicucci, Jr., President and Founder of Minco Development Corporation, to support this innovative housing development in Newburyport,” said Nancy Bailey, Senior Vice President of Commercial Lending at Rockland Trust. “Newburyport Crossing at Three Boston Way is the start of what we’re seeing as a new wave of carbon conscious development and we’re honored to be a part of this important work.”

 Three Boston Way will consist of eight four multifamily units with an underground parking garage, and offers a variety of unit types to fit the needs of residents. Twenty five percent of the units are designated for affordable Chapter 40R “Smart Growth” housing. The building offers twenty four studio units, twenty four one bedroom units, twenty four two bedroom units, and twelve three bedroom units. There are twobedroom live/work units on the first floor and amenity space.

 MINCO began a collaboration with the City of Newburyport over ten years ago to develop a Smart Growth overlay district adjacent to the Newburyport MBTA station with the intent to create a neighborhood with distinctive, attractive, and compact designs to provide a strong sense of community. Its goal was to create a walkable neighborhood and a range of housing opportunities along the Clipper City Rail Trail with pedestrian and bicycle access to the downtown Historic District.

 “The Smart Growth district was a new concept in housing development for Newburyport and it was important to receive local support,” says Louis Minicucci. “Working with Rockland Trust was efficient and professional. Not only was Nancy Bailey extremely responsive for our day to day banking needs, but their entire lending team, including President Gerry Nadeau, visited the sites to become familiar with the projects.”

 Three Boston Way is next to One Boston Way, a LEED Gold and Fitwel certified project, which opened in April 2021. The project will help to achieve essential goals in the City of Newburyport’s Master Plan, including the protection of open space, mixed use development, and increased housing supply, all of which allow for economic prosperity, social equity, and environmental sustainability.

The post Rockland Trust and Newburyport Bank Provide $30 Million to MINCO Development for a Merrimack Valley Passive House Multifamily Project appeared first on Boston Real Estate Times.

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