Capstone Communities LLC, a Cambridge, MA based real estate development company, announces the financing closing and groundbreaking for the redevelopment of 124 Montello Street into Station Lofts. The official groundbreaking ceremony was held on Tuesday, February 26th at 10am at the site.

Station Lofts will include 25 mixed‐income residential apartments, surface and garage parking, a
resident fitness center and storage, and onsite management. The historic industrial building, located one block from the MBTA Commuter Rail, will be rehabilitated in accordance with the Massachusetts Historical Commission and National Park Services standards for rehabilitation. The building and site were formerly owned by Geo Knight & Co Inc., a manufacturer of shoes and heat press machinery. Stall & Dean Co. was also an occupant for many years. The building has been vacant for more than a decade.

The project is expected to create 46 jobs.

Geo Knight & Co Inc. moved its business to a new facility in Brockton. The Stall & Dean Co., one of the oldest sporting goods manufacturers in the United States, manufactured hockey and baseball
equipment and uniforms in the building. It is believed that the baseball catcher’s mitt was invented in
the building.

“I am proud to consider myself a property owner in Brockton. It has been a true public‐private
partnership and I am pleased to help implement Brockton’s vision for its downtown”, stated Jason Korb, Principal of Capstone Communities LLC. “I am thankful for all of the hard work and tremendous commitment by the various funding sources, including the Massachusetts Department of Housing and Community Development, MassDevelopment, MassHousing, the Property and Casualty Initiative, LLC, the Massachusetts Historical Commission, the Massachusetts Housing Investment Corporation, the Massachusetts Housing Partnership and HOME funding through the City of Brockton and the Brockton Housing Authority.”

“Station Lofts is an important investment in the redevelopment of Brockton’s downtown, and it’s been a textbook example of the benefits that communication and collaboration can have,” said Mayor Linda M. Balzotti. “Thanks to the efforts of Mr. Korb, his team and so many partners, we are achieving goals that will have long‐lasting impacts on our community. These impacts aren’t just limited to the creation of new housing, but highlighting Brockton as a destination for future redevelopment and investment.”

“I remember when Jason first came to the City with the idea of Station Lofts; we looked out my window at the Geo Knight building and I could see the gleam in his eyes. About two years later, the completion of the ownership transaction has him on a direct path of seeing his vision as a reality to bring residents to downtown Brockton. In conjunction with the SoCo Lofts, this development facilitates a stronger residential presence in downtown,” added Mary Waldron, Executive Director of the Brockton 21st Century Corporation.

“I am pleased that the Station Lofts has broken ground. This development will serve as a catalyst
for new economic development projects in Brockton while preserving the historic character of the
original building. I want to thank Jason Korb, Capstone Communities, Mayor Linda Balzotti and the
Brockton delegation for their commitment to the Station Lofts development and to a revitalized
downtown Brockton,” Congressman Stephen F. Lynch said.

“This investment in Brockton is a clear indication that our City is on a path to prosperity” said Senator Tom Kennedy. “As legislators, we must continue working together to attract developers like Jason, who share in our vision of a revitalization of the downtown and enhance the fabric of our great City” said Senator Thomas P. Kennedy.

“This is a critical step forward in the revitalization of the City of Brockton downtown. My gratitude goes out to Jason Korb and Capstone Communities for choosing to bring their expertise to the city of Brockton. I would like to thank the Patrick administration for the tax credits they provided to make this project a reality,“said Representative Michael D. Brady.

“This is very exciting,” said Representative Claire Cronin. “Station Loft is an innovative project that will be a great boost for the downtown Brockton area.”

“The Station Lofts project has been such an important step to the revitalization of downtown Brockton. Everyone involved has put in so much time and energy to make this a reality. Thank you to Jason Korb and Capstone Communities LLC for their hard work and dedication in this project. Also, to the Patrick‐Murray Administration for making this possible through the state Historic Rehabilitation Tax Credits,” said Representative Christine Canavan.

“As the Ward Councilor for the Station Lofts development, I am excited to see this key private/public
investment in our downtown begin construction. I look forward to continue working with Capstone and other private sector partners on revitalizing our downtown,” said Brockton City Councilor Dennis DeNapoli.

“It has been a pleasure working with Jason on this project,he has worked hard to get this project off the ground and when completed it will be a great asset to the revitalization of downtown Brockton,” said Brockton City Councilor Thomas Monahan.

“MassDevelopment is pleased to leverage both a $1 million loan from the Brownfields Redevelopment Fund and a $4.8 million tax‐exempt bond to help to create Station Lofts,” said MassDevelopment President and CEO Marty Jones. “Increasing housing options is vital for economic development in the Commonwealth, and I applaud Capstone Communities for its work on this key Gateway Cities project.”

"Station Lofts is an exciting and transformative project and we are pleased to be a part of it," said
MassHousing Executive Director Thomas R. Gleason, whose Agency provided $1.4 million through the Affordable Housing Trust Fund. "It is always very rewarding to see an historic property revitalized, and put into use as housing that is affordable to people of varied incomes."

“MHIC is pleased to provide low‐income housing and historic tax credit financing for this important
project. It will transform a vacant historic building into high quality housing and help Brockton realize its goal of revitalizing its downtown area,” said Joseph Flatley, President of Massachusetts Housing Investment Corporation. “We are excited about getting the opportunity to put our private funding to work to help Capstone and the City of Brockton revitalize a crucial downtown building into much needed rental housing that is close to the city’s train station,” said Clark Ziegler, MHP’s executive director.