Cordeiro Properties secures nearly $10 million to rehab Fall River mill building into 36 housing units

Fall River, MA – Cordeiro Properties has secured close to $10 million in financing from Rockland Trust for the rehabilitation of a 146-year-old former mill building, known as the Merrill Building in Fall River.

The former 30,937 sq. ft. mill, located at 66 Troy Street in Fall River, will have the top three floors converted into 36 market rate residential units.

Southeast Center for Independent Living will continue their lease on the first floor.

“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, Vice President, Commercial Loan Officer at 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. This will be Cordeiro’s fifth project involving redeveloping former historic mills and office buildings into mixed-use commercial/apartment properties utilizing tax credits within Fall River.

“We’re thrilled to breathe new life into the Merrill Building by adding 36 market-rate apartments. 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,” said Anthony Cordeiro, President & CEO of Cordeiro Properties.

The revitalization of the Merrill Building is expected to be completed in early fall of 2025. Upon completion, the building will be comprised of 23 studios and sixteen one-bedroom apartments. The new Fall River Depot rail line with MBTA service to Boston is within 1.6 miles from the building.