Posted on June 15, 2011
NEW BEDFORD, June 15, 2011 --- The 15-story Regency Tower is New Bedford's tallest building and public officials have come to view it as a barometer for the city. Earlier this spring, everyone was forecasting a bright future as Governor Deval Patrick and Congressman Barney Frank joined other top state and local leaders to celebrate the downtown apartment building's $32 million revitalization into 129 mixed-income rental apartments.
"This is a building that tells us a lot about the city," said Mayor Scott Lang at the May 9 grand opening. "It was built in 1988 and it was tall and luxurious but ultimately proved to be unsustainable. Now it is back and it will once again be an anchor for the downtown and this great city."
Trinity Financial LLC received much of the praise for Regency's rebirth, as it was selected to redevelop the property in 2008, three years after the property had been foreclosed. At its low point, more than 90 units were vacant and the building had deteriorated significantly.
"Trinity Financial has the knack for pulling off complex projects that have a high community impact and they make it look easy," said Clark Ziegler, executive director of the Massachusetts Housing Partnership, which has committed $6.9 million in long-term financing. "Regency Tower is an incredible symbol of the economic vitality of New Bedford and the market-rate tenants who are lining up to live here represent a vote of confidence for the city."
The grand opening was also an occasion to remember the contributions of Vince Droser, the Trinity Financial vice president who managed the revitalization of Regency Tower before dying suddenly of a heart attack in January. "Vince was the face of this project and because of him, we didn't receive a single complaint about this project.," said Matt Morrissey, executive director of the New Bedford Economic Development Council. "This building is not only a symbol of New Bedford's resurgence, it's a symbol of Vince's spirit and perseverance."
After noting that Regency could not have been done without teamwork between local, state and federal government, Governor Deval Patrick also praised Droser. "He made an extraordinary contribution to this project and many others," said Governor Patrick. "His work (in affordable housing) has impacted the lives of so many and serves as a reminder to all of us about the importance of community."
In addition to MHP's $6.9 million in private financing, Regency Tower received most of its funding through state and federal low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD). The project also received additional funding from DHCD, MassHousing and the City of New Bedford.
"When you have synergy like this between the public and private sectors, you are able to get things like this done," said Congressman Barney Frank.
The new Regency Tower now boasts a mixture of market-rate and affordable apartments, including four top-floor penthouse apartments with breathtaking ocean views. There are 38 one-bedroom units, 80 two-bedroom units, and 11 three-bedroom units. Of the 129 units, 33 will be affordable to residents earning at or below 50
percent of the area median income (AMI).
MHP is a state non-profit housing organization that uses private bank financing to provide permanent loans for affordable rental housing development pursuant to a 1990 state law that requires companies that purchase Massachusetts banks to make loan funds available to MHP. Since then, MHP's has provided $649 million in loans and commitments for the financing of over 15,000 units of rental housing. For more information about this project, contact MHP Loan Officer Amanda Roe at 617-330-9944 x273.