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05/04/2021 | Press release | Distributed by Public on 05/04/2021 14:35

New England Cold Storage Secures Financing from Rockland Trust for 120,000 SF Public Refrigerated Warehouse in Sturbridge, MA

New England Cold Storage Secures Financing from Rockland Trust for 120,000 SF Public Refrigerated Warehouse in Sturbridge, MA

Third Party Logistics Company to Break Ground May 21st on State-of-the-Art Cold Storage Facility

STURBRIDGE, MA, May 4, 2021 - New England Cold Storage, LLC (NECS) announced today that the company has secured debt financing with Rockland Trust Company for its first cold storage warehouse facility. The $22.9MM loan will go towards their new 120,000 public refrigerated warehouse that will provide cold storage and logistics services to food producers, processors, wholesalers, and importers. .

'Rockland Trust is thrilled to be working with New England Cold Storage to support their vision of offering flexible, temperature-controlled storage space. Their facility is unlike any we've ever seen, and we're committed to ensuring they're successful in their field', said Brian Griffin, Senior Vice President of Commercial Lending at Rockland Trust.

Site work began this month on a 120,252 square foot warehouse in the Sturbridge Industrial Park. Centrally located in New England, and two miles from the entrance ramp to both I-84 and I-90, the facility will offer one-day round trip access to/from New York City and the New England ports, as well as an ideal distribution location for the Boston, Providence, Hartford, and Springfield markets.

The building will feature three temperature-controlled rooms, and fifteen dock doors opening into a sixty-five foot deep refrigerated loading dock. With a fifty-foot top of product and an automated mobile racking system, NECS will have easy access to its 25,000 pallet positions. The eighteen acre site will feature a one way loop traffic pattern, ample area for truck maneuvering and parking, and a convenient trucker lounge for drivers. In addition to developing the project from the ground up, NECS will also operate the facility. Industry veteran Vernon Rose is leading the operations team. 'I'm really excited about this project because the whole program has been customer focused from the beginning. As a result, I'm confident we're going to provide superior service for a wide range of customer needs. If you have storage needs in New England, I would encourage you to get in touch now because I expect this facility to fill pretty quickly.' said Rose.

NECS is entering a demand-driven market sector in which modern, efficient cold storage space is at nearly full occupancy nationally, while food companies' increasing storage requirements are expected to continue to outpace supply growth for the foreseeable future. 'We recognized a need in the cold storage sector several years ago and we believe this facility, in this location, is an ideal solution,' says NECS President Chris Bailey, 'We saw two major barriers to entry: big ticket real estate development and food logistics expertise, and we've assembled a team that excels in both areas. We're proud of the flexible design of our facility, and the operating company we're putting together to service our customers.'

Atlanta based ARCO Design-Build has been a crucial contributor to that design, and will lead the construction process. 'The role we've played in helping NECS bring this project to reality has been a very rewarding experience for us. They have maintained a laser focus on the goal of the best facility we can build, and that's exactly how we like to work,' said Brian Osterloh, ARCO Vice President of Business Development and Principal.

About New England Cold Storage, LLC

New England Cold Storage, LLC (NECS) is a real estate development company and a third-party logistics company, founded by three partners Robert Chamberlain, Jeffrey Eklund, and Chris Bailey. They thoroughly researched the industry opportunity and chose Sturbridge for their first facility because of its broad appeal to several different types of customers. They are assembling a team with the experience and expertise necessary to provide consistent service at a fair price. NECS intends to develop and operate additional facilities in the next few years.

About ARCO Design Build (www.arcodb.com)

ARCO Design/Build is a leader in the industrial construction industry with hundreds
of associates across the nation and offices in all major markets. ARCO offers the strength, presence, and resources of a $2.5 billion national builder but with the responsiveness
of a local company. The Atlanta team specializes in the design and build of industrial warehouses/distribution centers, cold storage facilities, light industrial manufacturing,
self-storage, as well as office and tenant improvement projects. With a team of project managers, superintendents, engineers and in-house architects, their Southeast office delivers an enhanced design-build construction process with turnkey centralized project management.

About Rockland Trust Company

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's 'Top Places to Work' 2020 list, an honor earned for the 12th consecutive year. In addition to this recognition, Rockland Trust was ranked the #1 Bank in Massachusetts, according to Forbes 2020 World's Best Banks list. Rockland Trust is deeply committed to the communities it serves as reflected in the overall 'Outstanding' rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape, and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank 'Where Each Relationship MattersĀ®,' please visit RocklandTrust.com.

Rockland Trust's Commercial Banking Group has more than 50 commercial lenders and 16 lending centers throughout Massachusetts and Rhode Island. With a lending capacity up to $100 million, the Commercial Banking Team has broad experience in areas such as asset-based lending, commercial real estate, construction and land development, equipment financing, commercial mortgages, and low-income housing loans. In addition, the team can meet all the financial needs of its customers with additional services such as business deposit products, merchant and foreign exchange services, and cash management services.