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Brokerage
Posted: June 23, 2008
Monte of Rose Hill arranges $3m financing
Daniel Monte, president of The Rose Hill Group of WNY LTD (RHG) has arranged $3 million in permanent financing for a multi-tenant office building located in the downtown area. Monte arranged the financing through a correspondent life insurance company.
The former Marshall Building was named after the original owner Jacob Marshall & Son, who operated a hide, wool and leather business from 1893 to 1907. The heavy timber and red brick warehouse has had numerous occupants over the years. The 24,366 s/f development is located downtown at the intersection of I-81 and I-690, in close proximity to the central business district of the downtown area.
VIP Development Associates, Inc. was the developer on the project. The borrower and main tenant is VIP Structures, an integrated design/build development company, focusing on commercial and industrial development. The Manufacturers Association of New York (MACNY) also occupies the facility. MACNY is a trade organization representing manufacturing firms in the upstate area. VIP has worked with The Rose Hill Group on numerous projects, both in central New York and around the nation.
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