NEW HAVEN, Conn. – March 13, 2014 – First Niagara Financial Group (Nasdaq: FNFG) today announced it has completed a $27.6 million construction loan to Manchester-based Evergreen Crossing LLC (Evergreen Crossing). The loan will support the construction of a 224-unit apartment complex located at 325 New State Road in Manchester, to be known as The Broadleaf.
First Niagara’s Commercial Real Estate Group provides both construction and term financing for a variety of property types across multiple states and regions including New England, New York, New Jersey, Pennsylvania, Ohio and the Washington, D.C. metro area.
"For over thirty years, we have had an excellent working relationship with First Niagara and its predecessors, who have financed properties we’ve developed at Buckland Hills in Manchester and at Evergreen Walk in South Windsor,” Evergreen Crossing Principal John Finguerra said. “Currently, First Niagara is providing financing for some of our projects in Manchester, South Windsor and Mansfield.”
Finguerra added, "First Niagara has always been and continues to be supportive of our development efforts and accomplishments, and we look forward to a long, mutually-beneficial relationship with the bank in the future.”
Construction for The Broadleaf is currently underway. The complex will consist of six buildings with 57 one-bedroom and 167 two-bedroom apartments. Residents will have access to 72 carport spaces and 432 additional parking spaces.
Relationship Manager Peter Hausherr handled the financing for First Niagara.
“We have a great deal of confidence in the level of local knowledge and research that goes into each of John Finguerra’s projects,” Hausherr said. “We’re proud to support the construction of The Broadleaf, which is designed to meet the unique needs of renters in the greater Manchester area.”
About First Niagara
First Niagara Financial Group, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 420 branches, $37 billion in assets, $27 billion in deposits, and 6,000 employees providing financial services to individuals, families and businesses across New York, New England, Pennsylvania, and New Jersey.