#USA #self-storage #Eastern Union #Springfield #Springfield, VT

Eastern Union Gains Significant Funding for Springfield Project

On April 7, 2025, Eastern Union, renowned as one of the leading commercial mortgage brokerages in the United States, announced that it successfully arranged a substantial refinancing amounting to $9,424,405. This financing will support the first stage of a multi-phase renovation project at 100 River Street in Springfield, Vermont. The initial phase of this ambitious undertaking is designed to develop a 43,000-square-foot self-storage facility and 55,000 square feet of retail space.

Located approximately 95 miles northeast of Albany, NY, and 130 miles northwest of Boston, Springfield is situated along the Black River, marking it as a site of both historical significance and future potential. The renovations will not only revitalize the area but also introduce crucial community amenities and spaces for local businesses to thrive.

The project, led by Integrity Community Partners, LLC, a development company headquartered in San Diego, California, aims to transform the previously underutilized site. This site, which had housed various businesses over the years, will now be developed into an integrated community campus. Integrity's vision includes not only the storage and retail facilities but also future expansions that will comprise a 100-unit multifamily property and a 162-unit senior living center, promising to serve the region's evolving demographics.

Marc Tropp, Senior Managing Director at Eastern Union, who played a pivotal role in facilitating this financing, noted the unique challenges associated with securing funding for a large-scale development project in a rural setting. "Thanks to Eastern Union's extensive connections within the lending community, we were able to provide competitively priced financing to kickstart this ambitious project," he stated.

The loan secured by Eastern Union carries an interest rate of 7.5% over a five-year term, with an initial 36-month interest-only payment period. After this initial period, the loan will amortize over 25 years. The lender for this significant transaction was the Bank of New Hampshire.

The overall initiative at 100 River Street, identified as the Springfield Campus, aims to foster a vibrant and intergenerational community. It will integrate retail spaces with multifamily housing and senior living facilities to promote best-in-class services and strengthen social connections among residents. Mark Ellenbogen, partner and development director at Integrity Community Partners, emphasized the role of financing in propelling the project forward, remarking, "This financing represents a critical step in the multidimensional development of this historic site, which will benefit Springfield and surrounding communities for years to come."

Currently, the 100 River Street building encompasses a total area of 187,030 square feet, housing six commercial tenants, who occupy about 49,110 square feet. This site previously functioned as the mill complex for the Fellows Gear Shaper Company, which was established by inventor Edwin R. Fellows in 1896.

About Eastern Union
Founded in 2001, Eastern Union has rapidly ascended to become a premier player in the commercial real estate sector, employing more than 90 real estate professionals. The firm closes billions of dollars in transactions each year, leveraging its strong relationships with various lenders to secure the best rates and terms for its clients. Eastern Union's financing capabilities span a wide array of commercial real estate transactions, including multi-site portfolios and various property types such as multifamily, office, retail, and healthcare facilities, among others.

This significant development in Springfield reflects both the revitalization of an area rich in history and the progressive vision for its future, as Eastern Union and its partners work to deliver spaces that foster community engagement and connectivity.