Cambridge Savings Bank Supports the Construction of Lovell Arena with $20 Million Participation Loan

·3 min read

State-of-the-art facility in Rockland will feature three rinks on a 50-acre site, in addition to an academy

CAMBRIDGE, Mass., July 07, 2022--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Corporate Banking team led the financing for the ground-up construction of Lovell Arena with a $20 million participation loan as part of the $30 million project. The state-of-the-art facility, based in Rockland, Mass., is scheduled to be completed in July and will include three ice rinks accommodating 1,500 spectators over nearly 120,000 square feet. It will also feature a gym, pro shop, 7,000 square foot restaurant, bowling, and golf simulators.

Lovell Academy, a custom-built boarding school to train elite hockey student-athletes, is also under development on the same parcel of land. Founded upon 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 include 10 classrooms in addition to housing for up to 132 students. Enrollment for Lovell Academy is currently open, with the inaugural academy hockey season scheduled to begin in September 2022.

"Our mission is to offer up-and-coming hockey talent a high-level of expertise in player development paired with a challenging academic program that will further both their education and their athletic skill," 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, by finding creative solutions and making quick decisions to help bring our vision to life."

Long-time Cambridge Savings Bank customer Paul Turano, Executive Chef and Owner of Cook Restaurants, referred the bank’s services to Monahan. Lovell Hockey hired Turano as Director of Food Services and he will also manage the on-site restaurant.

"Participating in the Lovell Arena financing is a great story, bringing together a long-time bank customer and a new partner in Forest Delahunt Development," said Jessica Kouyoumjian, First Vice President, Corporate Banking at CSB. "We take pride in supporting the development of this facility that will enable dedicated student athletes to work hard and chase their hockey dreams."

To learn more about CSB’s custom solutions for commercial entities, please contact Rob Kershaw, Senior Vice President, Corporate 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, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.

About Lovell Academy:

Located in Rockland, MA, Lovell Academy provides players with an unparalleled opportunity for growth and development in the classroom and on the ice. Set to open in July 2022, it will offer the premier 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. For more information, please visit: https://lovellacademy.org.

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

Contacts

MEDIA CONTACTS:

StreetCred PR
CSB@streetcredpr.com

Will Ruben
William@streetcredpr.com
847-208-8289

Meaghan McNichol
Meaghan@streetcredpr.com
412-720-3777

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