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Brokerage
Posted: February 24, 2014
Dembicer of First Niagara finances $30 million loan
First Niagara's Commercial Real Estate Group has has closed on a $30 million loan with National Resources for construction of a 100-unit apartment building at Edgewater Harbor, a 24-acre mixed-use community. The loan will also finance construction of a parking garage that will service the site.
Located on the former site of Unilever's World Research and Development Headquarters, Edgewater Harbor features 495 residential units and 100,000 s/f of shops and restaurants. Groundbreaking for the new building is scheduled for this spring.
Joseph Cotter, president of National Resources, said, "This was a significant financing for Edgewater Harbor and will speed the next phase of the project to market. We look forward to future deals with First Niagara."
Tracy Dembicer, VP, commercial real estate, handled the transaction for First Niagara.
"This is our third loan with National Resources, a nationally known developer with a strong reputation for commercial, residential, retail and mixed-use properties of exceptional quality. We are pleased to partner with them to offer desirable new residential options for Edgewater residents," said Dembicer.
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