Berkshire and Salem Five place $ 60 million construction loan to support 199,000 s / f shopping center development: NEREJ

Salem, New Hampshire Berkshire Bank has entered into a $ 60 million construction loan to support the development of a 199,000 s / f shopping center at the intersection of Rockingham Park Blvd. and Rte. 28, the site of the old Rockingham Park Raceway. Salem Five Bank partners with Berkshire Bank for funding.

The center is being developed by Joe Faro and his Tuscan Brands team and will include a tenant roster including LL Bean, Williams-Sonoma, Tuscan Market, Pottery Barn, Old Navy, Ulta Beauty, Chick-fil-A, Chipotle, Drive Custom Fit and Chase Bank.

The South Village is a component of the planned development of the large Tuscan village which, when completed, will include over 800,000 s / f of retail offerings, 950 residential units, two hotels and 1 million s / f of office spaces. In addition, the Tuscan village will house a medical complex where the mass general hospital will provide comprehensive clinical and diagnostic services in an 80,000 s / f facility.

Located at Exit 1 of I-93, the Tuscan Village provides access not only to residents of southern New Hampshire, but also to consumers in Massachusetts. The local shopping scene already offers plenty of retail locations along the Rte. 28 and South Village’s offerings will complement those aimed at meeting changing consumer preferences for retail. Construction of the southern village is expected to be completed in early 2021.

“Berkshire Bank understands the challenges our clients face as they work in today’s environment while planning for the future once the current situation subsides. Berkshire is proud to be a part of the Tuscan Village Project and we look forward to its successful completion and scheduled opening in 2021, when we hope the region and the country will come back stronger than ever, ”said Doug MacLean, Managing Director . commercial real estate loans to Berkshire Bank.

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