Eastern Bank has provided $16.9 million in construction-related financing for High Tide Capital’s redevelopment of The Day Building in downtown New London, Connecticut.
The adaptive reuse project will convert the former headquarters of The Day newspaper into 68 market-rate apartments and approximately 2,100 square feet of ground-floor retail space.
The Day Complex consists of four historic buildings in central New London near the Amtrak station, regional ferry terminal, and new Coast Guard Museum. The property served as the headquarters of The Day for approximately 140 years and was historically used to print and distribute newspapers across eastern Connecticut.
The project represents the second construction financing Eastern Bank has provided to High Tide Capital in downtown New London. The companies previously worked together on the conversion of a historic office building into a 21-unit multifamily property.
High Tide specializes in adaptive reuse of historic and underutilized properties, with a focus on residential, retail, and mixed-use development intended to revitalize downtown areas.
The financing for The Day Building required a layered capital structure combining public and private funding. The redevelopment received historic approval from the National Park Service and Connecticut’s State Historic Preservation Office and incorporates federal and state Historic Tax Credits.
Eastern Bank’s commercial real estate team structured the financing to support construction alongside those historic preservation incentives.
The project adds new housing to downtown New London while retaining an established local landmark and introducing new retail space at street level.
Eastern Bank provides financing for acquisitions, refinancings, and new construction across multifamily and other commercial real estate sectors. The bank has more than 125 branches across eastern Massachusetts, southern and coastal New Hampshire, Rhode Island, and surrounding markets.
For High Tide, the project expands a local redevelopment strategy centered on restoring historic buildings and returning underused urban properties to productive use.
KEY QUOTES:
“Eastern Bank has been a valued partner in helping us navigate a sophisticated financing structure requiring public and private investments for The Day Building. We appreciate their confidence in our team and their commitment to projects that strengthen local communities.”
Max Patinkin, Principal Of High Tide Capital
“This project combines historic preservation, the creation of market-rate housing, and economic development expected to benefit the city and its residents.”
Greg Buscone, Executive Vice President And Chief Commercial Banking Officer Of Eastern Bank
