Bringing the Putnam Block back to life is essential to the health and viability of Bennington’s downtown. Rehabilitating this prominent real estate is anticipated to trigger additional private investment in the downtown and surrounding neighborhoods; without its return to full life, the downtown will continue to suffer high commercial vacancies.
Gap and Investment
Community support for investing public funds in the Putnam Block is clearly demonstrated as most of these resources require public hearings and formal public input prior to approval, in addition to town and state official support. Despite these incentives, given the gulf between the appraised real estate value and development costs of the historic, downtown building, a substantial gap remained, even after BRG’s preferred equity and common stock raise of $4.5 million and thus evidences the need for NMTC allocation. The project could not go forward but for the NMTC equity to fill the gap.
Project Type Downtown Mixed Use Project Sponsor Bennington Redevelopment Group NMTC Investment $15.6 million Short description Downtown mixed-use renovation Team: Legal Downs Rachlin Martin, PLC
Husch Blackwell, LLP
Nixon Peabody, LLP
Miles & Stockbridge
Nolan Sheehan Patten LLP Team: Accounting CohnReznick LLP Team: Architect Stevens & Associates, PC Team: Construction Manager Bread Loaf Corporation Financing Partners USBCDC
Town of Bennington
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.
Copyright © 2022 Evernorth