Eastern Bank Provides Financing for High Tide Capital’s Historic Redevelopment of The Day Building in Downtown New London, CT

Adaptive-reuse project will transform former newspaper headquarters into new, market-rate housing and retail space

BOSTON--(BUSINESS WIRE)--Eastern Bank is pleased to announce it has led the financing for High Tide Capital LLC’s historic redevelopment of The Day Building in downtown New London, Connecticut. Eastern is providing $16.9 million in construction-related financing to support the conversion of the former newspaper headquarters into 68 market-rate apartments and approximately 2,100 square feet of ground-floor retail space.

The Day Complex comprises four historic buildings at the center of New London, immediately adjacent to the Amtrak Station, regional ferry terminal servicing Long Island and surrounding areas, and the new Coast Guard Museum. The Day Building served as the home base for The Day newspaper for 140 years, where thousands of newspapers were printed daily and distributed across Eastern Connecticut. It marks the second construction project Eastern has financed for High Tide Capital in downtown New London; the first project transformed a former historic office building into a 21-unit multifamily community. High Tide Capital is a commercial real estate investment and development firm specializing in working with communities on the adaptive reuse of historic and underutilized properties. Its modern, energy-efficient, residential, retail and mixed-use buildings help restore landmarks and rejuvenate downtown city centers.

“The Day Building is at the center of New London’s downtown urban renewal, bringing much needed housing to a growing area,” said Max Patinkin, Principal of High Tide Capital. “It is an important landmark, and we look forward to its new chapter as part of a mixed-use development that will celebrate the building’s deep history and continued revitalization of the city center. We have worked with Eastern Bank for more than five years and we’re excited to expand our relationship. 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.”

The financing structure for The Day Building, which received historic redevelopment approval from the National Park Service and State Historic Preservation Office, includes federal and state Historic Tax Credits, funding from the Connecticut Municipal Development Authority (CMDA), and municipal incentives supporting economic development in the city. Notably, The Day Building is one of the first projects financed by CMDA, a newly established Connecticut State organization focused on increasing housing production in walkable, transit-oriented communities throughout Connecticut.

“We're proud to support High Tide Capital's vision for preserving and reactivating one of New London's most recognizable, historic properties,” said Greg Buscone, Executive Vice President and Chief Commercial Banking Officer of Eastern Bank. “This project combines historic preservation, the creation of market-rate housing, and economic development expected to benefit the city and its residents. It is an example of how creative financing and working relationships can help build transformative community investments in growing markets.”

Eastern Bank provides a range of commercial real estate financing offerings to assist companies with real estate acquisition, refinancing, or new construction. Lending solutions include for multi-family housing, office, industrial and warehouse properties, hospitality properties, and retail developments, as well as highly sophisticated treasury services and deposit products for the commercial real estate industry.

The Commercial Real Estate team advising High Tide Capital includes: Executive Vice President, Chief Commercial Banking Officer Greg Buscone; Senior Vice President, Commercial Real Estate Group Director Stephen Witt; Senior Vice President, Commercial Real Estate Team Leader Michael McCarthy; and Vice President, Commercial Real Estate Relationship Manager, Stephen Bianco.

About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 125 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2026, Eastern had approximately $31.7 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking Divisions, which include the largest bank-owned independent investment adviser in Massachusetts with $10.8 billion in assets under management. Eastern takes pride in its advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn and Instagram. Eastern Bankshares, Inc. (Nasdaq: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.