Rockland Trust recently provided a $10.67-million construction loan to support Asian Community Development Corporation (ACDC)’s new affordable housing development at 213 Main St. in Malden, MA. ACDC’s first development in Malden, the project will create 20 income-restricted apartments.
ACDC acquired the property, which formerly housed the Salvation Army, in 202 with funding from the City of Malden. The residential conversion is planned as an all-electric, solar-ready building meeting Enterprise Green Communities and ENERGY STAR standards. A groundbreaking ceremony is set for Monday, Nov. 19.
“We are proud to partner with ACDC and support the financing of this important affordable housing development in Malden,” said Kelly Nguyen, SVP commercial banking officer at Rockland Trust. “By helping finance 213 Main St. we are supporting the creation of much-needed housing opportunities while investing in the long-term vitality of Malden and the residents who call it home.”
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