This historic mill site in Springfield, Vt. will undergo a multi-phase renovation by Integrity Community Partners, creating retail and living space.
Integrity Community Partners render
The current building at 100 River St. is a 187,030-sq.-ft. structure that houses six commercial tenants occupying 49,110 sq. ft. of space, including the Springfield Health Center, which occupies 33,000 sq. ft. with more than $8 million invested in tenant improvements.
Eastern Union has arranged $9.4 million in construction-to-permanent refinancing for the first stage of a multi-phase renovation project at 100 River St. in Springfield, Vt., according to PR Newswire on April 7, 2025.
The first portion of the initiative will create a 43,000-sq.-ft. self-storage facility and 55,000-sq.-ft. of retail space in the town, located along the Black River about 95 mi. northeast of Albany, N.Y. and 130 mi. northwest of Boston, Mass.
The renovation — undertaken by Integrity Community Partners LLC (ICP), based in San Diego, Calif., with offices in New Jersey, Pennsylvania and Washington, D.C. — represents the first of a multi-phased project that will include the self-storage facility, commercial enhancements to existing tenant spaces and the site's Historic Great Hall, as well as future waterfront improvements along the Black River with pedestrian access to the downtown district — as well as a planned, 162-unit senior living facility at 5 Pearl Street that will be part of a separate application to the Springfield Planning Commission.
ICP describes the overall project — called the 100 River Street-Springfield Campus by Integrity Community Partners — as "a planned intergenerational community lifestyle campus which integrates public-facing retail with multifamily residential and senior living to deliver best-in-class services and a hub for social connection."
"This financing represents a critical step forward in the multidimensional development of this historic site," said Mark Ellenbogen, a partner and development director of ICP. "Community Partners appreciates Eastern Union's vital role in helping us advance a project that will benefit Springfield and its surrounding communities for many years to come."
The current building at 100 River Street is a 187,030-sq.-ft. structure that houses six commercial tenants occupying 49,110 sq. ft. of space, including the Springfield Health Center, which occupies 33,000 sq. ft. with over $8 million invested in tenant improvements. The health center also provides opportunity for partnered care and increased marketing reach to aid in fill, ICP noted on its website.
Originally, the historic building was home to the Fellows Gear Shaper Co. mill complex founded by inventor and entrepreneur Edwin R. Fellows in 1896.
The new project will be situated by the historic Fellows GE Hydroelectric Turbine building in a designated downtown Springfield district, located in the center of a federally approved Opportunity Zone. The work will be designed to rehabilitate the old mill complex along the banks of the Black River, thus preserving a major characteristic of the New England city.
Development to Answer Local Demands for Living Spaces
Eastern Union's financing efforts were overseen by Marc Tropp, a senior managing director, who led a team that included Senior Managing Director David Merkin, Senior Loan Originator Ben Alpert and underwriter Ary Katzenstein.
"Securing financing for a large-scale development project in a rural setting like this can pose significant challenges," Tropp said. "Due to Eastern Union's extensive knowledge of the nationwide lending community, we succeeded in coming through with competitively priced financing for the first phase of this ambitious initiative."
The loan carried an interest rate of 7.5 percent over a five-year term, with a 36-month period of interest-only payments. The amortization period is 25 years; the lender was the Bank of New Hampshire.
The planned Integrity campus of Springfield unfolds as a fabulous opportunity for ICP to make a strong statement in the Vermont market, the company noted. The apartment facilities, ICP added, will barely scratch the surface of demand in the local market with market studies showing demand for more than 1,000 units.
In addition, robust government support drives a high probability of securing grants and funding programs to subsidize the project, the developer noted.
Founded in 2001, Eastern Union is a national commercial real estate firm that employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. The company leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
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