Construction of this building and remediation of site contamination issues was a key part of the City of Barre’s master downtown redevelopment plan. The Barre City Place project now brings in over 295 new people daily into the city’s downtown—invigorating downtown service and restaurant businesses. In fact, where several new retail businesses in neighboring properties have opened, once-vacant storefronts are now filling up quickly and new multimillion-dollar projects are on the horizon in downtown Barre. The ERV investment also facilitated beneficial terms to attract and retain a local restaurateur to its downtown space.
Gap and Investment
This $14.8 million downtown redevelopment project appraised at $11.1 million, leaving a significant gap for the developer to close. ERV, along with partner, Massachusetts Housing Investment Corporation, brought in New Markets Tax Credit equity to close the gap, carrying the project to fruition.
Project Type Real Estate Financing Project Sponsor DEW Properties, LLC NMTC Investment $10.25 million Short description New Construction, downtown office building Team: Developer DEW Properties, LLC Team: Legal Nolan Sheehan Patten LLP, Gravel & Shea PC, Edwards Wildman Palmer LLP, Nixon Peabody LLP, Husch Blackwell LLP Team: Accounting CohnReznick LLP Team: Architect Banwell Architects Team: Contractor DEW Construction Corporation Financing Partners US Bancorp Community Development Corporation, Massachusetts Housing Investment Corporation, Mascoma Savings Bank, Vermont Economic Development Authority
FOR IMMEDIATE RELEASE
September 22, 2022
[Burlington, Vermont and Portland, ME] - Evernorth is pleased to announce that it closed an $8.95 million loan fund capitalized with investments from eight major Upper Valley employers. Dubbed the Upper Valley Loan Fund (the Loan Fund), this fund will loan money to developers and other entities to build affordable apartments targeted to renters with moderate incomes. The Loan Fund will help catalyze rental housing production in a segment of the market serving employees who are increasingly priced out of the housing in the area.
Due to the critical housing shortage in the Upper Valley region of New Hampshire and Vermont, area employers increasingly cite the lack of access to quality affordable housing as a key barrier to recruitment and retention of employees. According to a recent report by Vital Communities, a regional civic engagement organization, the Upper Valley needs 10,000 new homes by 2030 to meet demand (requiring a tripling of the current annual rate of housing production).
FOR IMMEDIATE RELEASE
August 30, 2022
[Burlington, Vermont / Portland, Maine] — Evernorth is pleased to announce several key leadership changes that will enhance operations at the organization.
Eric Schmitt has been named Evernorth’s first Chief Operating Officer. We are excited to see Eric move to this role where his strong leadership and organizational skills will add great value to the flow of operations within Evernorth.
Sherrin Vail has been promoted to Vice President of Asset Management and Portfolio Initiatives. As the VP of Asset Management and Portfolio Initiatives she will have greater responsibilities across the entire Evernorth geographic footprint.
Josh McIntyre has joined the staff as Vice President of Capital Management. Josh comes to Evernorth with over 15 years of experience in the finance world — in the private and public sector.
FOR IMMEDIATE RELEASE:
July 22, 2022
[Morrisville, Vermont] – On Wednesday, July 20th at 9:30AM, a fire broke out in an apartment in the Bemis Block Apartments building located in downtown Hardwick. The fire was caused by a lit candle in a resident’s apartment. The sprinkler system immediately doused the fire which successfully prevented it from spreading throughout the building and endangering other residents. Area firefighters and emergency crews responded to the site quickly. Upon assessment of the scene, firefighters turned off the sprinkler system. Firefighters remained on site and were joined by building management technicians and clean up professionals to assess the damage.
No injuries to people or property damages in the vicinity related to the fire are known at this time. A building assessment is underway by insurance professionals. The cause of the fire is known and not considered suspicious. Assessment and clean-up efforts are ongoing.
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