Photo courtesy of Hajjar Management
A former church in Fall River will be converted into 46 new market-rate homes thanks to a loan from Rockland Trust.
The 151-year-old Sacred Heart Church and Rectory at 160 Linden St., a few blocks from downtown Fall River, one of the city’s two hospitals and Interstate 195, spans 37,850 square feet and will be renamed the “Sacred Heart Lofts” upon its completion. The final product will have 19 two-bedroom apartments, 24 two-bedroom lofts and 3 three-bedroom lofts, all market-rate.
Hajjar Management is the developer.
“The rejuvenation of Sacred Heart Church and rectory is a great opportunity to bring new life to a beloved but underutilized space. We’re focused on preserving its original charm while modernizing with the latest finishes. Our collaboration with the Rockland Trust commercial lending team, led by Erin, has been essential in facilitating a smooth process. Rockland’s support since 1994 has been invaluable, and we’re excited to keep working together,” Chuck Hajjar, president of Hajjar Management Co., said in a statement.
The redevelopment, expected to be completed next February, is being financed with a $10.6 million loan from Rockland Trust, based in Hanover.
“We’ve been working with the Hajjar Management team for several years on housing revitalization projects such as Lafayette Lofts and now Scared Heart Lofts. Innovative projects like this help address the need for additional housing options in the South Coast,” bank commercial loan officer and Vice President Erin Williams said in a statement. “It’s always rewarding to participate in these meaningful projects, especially when the team includes local businesses and customers such as Pearl Construction.”
The pending start of the MBTA’s new South Coast Rail commuter service has driven an increase in investor activity in the Fall River and New Bedford multifamily purchase and development markets. However, experts are skeptical that the long travel times to downtown Boston on the new commuter rail routes and their infrequent schedules will create a boom in demand for housing in either city.
