Savings bank

Cambridge Savings Bank backs Lovell Arena construction with $20m equity loan

The state-of-the-art Rockland facility will feature three ice rinks on a 50-acre site, plus an academy

CAMBRIDGE, Mass., July 07, 2022–(BUSINESS WIRE)–Cambridge Savings Bank (SCB), a full-service mutual bank with a customer-focused approach and more than $5 billion in assets, today announced that its Corporate Banking team led the financing of Lovell Arena’s construction from the ground up with a $20 million equity loan under the $30 million Project. The state-of-the-art facility, based in Rockland, Mass., is scheduled for completion in July and will feature three rinks that can accommodate 1,500 spectators on nearly 120,000 square feet. It will also include a gym, pro shop, 7,000 square foot restaurant, bowling alley and golf simulators.

Lovell Academy, a custom-built boarding school to train elite hockey student-athletes, is also being developed on the same plot of land. Based on the experience of Lovell Hockey, one of the largest and most successful hockey development programs in North America, the 40,000 square foot academy will feature 10 classrooms in addition to housing for up to 132 students. Enrollment for Lovell Academy is currently open, with the academy’s inaugural hockey season scheduled for September 2022.

“Our mission is to provide promising hockey talent with a high level of expertise in player development paired with a challenging academic program that will foster both their education and their athletic skills,” said Lauren Monahan, partner and developer at Forest Delahunt Development, LLC. “Cambridge Savings Bank understood what my partner Tim Lovell and I were trying to achieve, acting as an extension of our business, finding creative solutions and making quick decisions to help bring our vision to life.”

Paul Turano, long-time Cambridge Savings Bank client, executive chef and owner of Cook’s Restaurants, referred the bank’s services to Monahan. Lovell Hockey has hired Turano as food services manager and he will also manage the on-site restaurant.

“Participating in the financing of Lovell Arena is a great story, bringing together a long-time banking client and a new partner in Forest Delahunt Development,” said Jessica KouyoumjianSenior Vice President, Corporate Banking at CSB. “We are proud to support the development of this facility which will allow dedicated student-athletes to work hard and achieve their hockey dreams.”

To learn more about CSB’s custom solutions for business entities, please contact Rob Kershaw, Senior Vice President, Business Banking at: rkershaw@cambridgesavings.com.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of Massachusetts’ oldest and largest community banks, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. In 2022, CSB received an investment grade rating from rating agency Kroll Bond, strengthening the bank’s position as a trusted corporate lender. To find out more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship. FDIC member. Equal Housing Lender.

About Lovell Academy:

Located in Rockland, MA, Lovell Academy offers players an unparalleled opportunity for growth and development in the classroom and on the ice. Scheduled to open in July 2022, it will offer the best combination of Lovell Hockey’s high level of expertise in player development, an extremely rigorous academic program and brand new state-of-the-art arena and academy facilities. technology. For more information, visit: https://lovellacademy.org.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220707005047/en/

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PR StreetCred
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412-720-3777


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