Rockland Trust loans nearly $10M for Fall River mill conversion to housing

THE MERRILL BUILDING, the brick structure on the left, on Troy Street in Fall River is expected to be converted into 36 apartments, thanks in part to a nearly $10 million financing deal between Corderio Properties and Rockland Trust Co. / SCREENSHOT FROM CORDEIRO PROPERTIES

FALL RIVER – Property developer Cordeiro Properties has secured financing totaling nearly $10 million Rockland Trust Co. to convert three floors of a 146-year-old former mill building, known as the Merrill Building, to apartments.

The four story, 30,937-square-foot building at 66 Troy St. is slated to accommodate 36 units. Cordeiro Properties is based in Fall River.

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“We’ve been working with the Cordeiro Properties team for several years on historic rehabilitations throughout Fall River. This project, along with others we’ve worked on together such as Commonwealth Landing and International Ladies Garment Worker Center Building, help address the need for additional housing options on the South Coast,” said James Joyce, commercial loan officer and vice president at Brockton, Mass.-based Rockland Trust. “It’s such a rewarding experience to participate in these meaningful projects of finding new life in buildings with a rich architectural history.”

Cordeiro Properties has owned the property since 1999. The longtime tenant of the first floor, Southeast Center for Independent Living, will continue its lease.

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This will be Cordeiro’s fifth project involving a historic building that has been converted into mixed-use commercial/apartment properties utilizing historic tax credits within Fall River.

“We’re thrilled to breathe new life into the Merrill Building by adding 36 market-rate apartments,” said Anthony Cordeiro, CEO and president of Cordeiro Properties. “This project honors the building’s rich history while providing modern, desirable living spaces that meet the needs of today’s residents. We are deeply appreciative of the support of our long-term banking partner, Rockland Trust and Jim Joyce, who are making this revitalization project possible. Together, we’re not just restoring a building; we’re building a brighter future for our downtown.”

The renovation of the Merrill Building is expected to be completed in early fall of 2025.

The building will contain 23 studios and 16 one-bedroom apartments. The Merrill Building is located in downtown Fall River.

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