Wainwright Bank lends $3.5 million to Somerville Housing Group Trust

BOSTON, MA, December 9, 2005 - Wainwright Bank & Trust Company (NASDAQ: WAIN) has provided $3.5 million in financing to the Somerville Housing Group Trust to develop the fourth phase of Union Place, a two acre mixed use development within walking distance of Union Square, Somerville. The dedication ceremony will take place Saturday, December 10, 2005 at 432 Norfolk Street.

While zoning ordinance requires only 10% of units be affordable, 18% of Union Place will ultimately be designated as such. Continued affordability is guaranteed by an easement given to the City of Somerville. The project also incorporates eco-sensitive and energy efficient construction methods and materials.

Clean-up of the site, formerly a junkyard, was completed by the developer, David Aposhian and Margo Grossberg of the Somerville Housing Group. No city, state, or federal funds were used in the clean-up and the DEP did not require an Activity Use Limitation.

Union Place is the first project to be approved by the City of Somerville under its revised Planned Unit Development (PUD) ordinance. This ordinance is instrumental in the planning of the new Assembly Square.

"This is an example of how private and public entities can work together for the benefit of the greater community. Wainwright has a long history of seeking out these types of projects for just that reason," said Henri Soucy, the project lender and Senior Vice President of Commercial Real Estate at Wainwright Bank.

Founded in 1987, Wainwright Bank is a socially responsible commercial bank headquartered in Boston with assets of $725 million primarily serving neighborhoods in Boston, Cambridge, Brookline, Newton, Watertown and Somerville. Nearly a third of the bank's commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental issues to name a few. Wainwright's commitment to social justice has been widely recognized including being named one of the 11 Best Lenders to Women in the U.S. and one of the Top 10 Best "Green" Banking Firms nationwide.

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