Roxbury-based Cruz Cos. will acquire and renovate a 110-unit affordable housing development in New Bedford with $9.4 million in taxable and tax-exempt debt from Rockland Trust.
The project, Verdean Gardens, consists of eight buildings spread across six sites in New Bedford’s south end. The project is named for the Cape Verde Islands, where the Cruz family emigrated from two generations ago. Cruz Cos. founder John B. Cruz Jr. was born and raised in the city.
“We are very pleased to be working with Rockland Trust on Verdean Gardens,” John B. Cruz III, president and CEO of The Cruz Cos., said in a statement. “Having originally developed this project, we are grateful to have the funding necessary to enhance the lives of the families that live here.”
Currently, Verdean Gardens is comprised of 54 market rate apartments and 56 affordable units, all of which are occupied. The total loan consists of $7.6 million towards construction and $1.76 million towards tax exempt permanent debt.
A third-generation family owned business, Cruz Cos. is one of the oldest and largest minority-owned companies in the Northeast, Rockland Trust said in a statement. The company is responsible for landmark projects and developments across the region and provides quality residential housing. The company is also dedicated to the community through its social arm Cruz CARES, a nonprofit organization that exists to help urban communities.
“Rockland Trust is excited to support Cruz Companies on a development that is crucial to preserving affordable housing for families on the South Coast at an achievable cost,” Rick Muraida, first vice president and senior commercial banker at Rockland Trust, said in a statement. “Affordable housing is something we strongly support and we are thrilled to be able to provide this financing.”