$25 Million in Financing for Norton Apartment Complex

First Niagara Financial Group announced it has provided $25 million in financing to support the construction of a 188-unit multi-family development in Norton, MA. The structured financing included financing and permitting involvement from the Massachusetts Housing Partnership, as well as mezzanine financing provided by Cornerstone Real Estate Advisors. The development is a joint venture between the Braintree, MA - based, Campanelli, and the Hudson, MA - based, Thorndike Development. The project is being constructed on a 15-acre site along East Main Street near Red Mill Village, the 156-home adult community which was developed by Thorndike Development over the past several years.

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 Washington, D.C.

“It is First Niagara’s pleasure to work once again with Campanelli and Thorndike on another exciting development project in Massachusetts,” said David Yesue, First Niagara Bank’s First Vice President of Commercial Real Estate Lending, working in First Niagara’s Greater-Boston office. “Since establishing a presence in the Boston area in late 2011, our team has seen significant growth in the demand for commercial real estate financings in Boston and the surrounding markets. First Niagara is responding to this need with customized financing solutions and competitive rates relative to both construction and term financing across all product types.”

The Norton project will include 188 apartment units, 25% of which will be designated as affordable pursuant to MA Chapter 40-B. The one, two and three bedroom units average approximately 1,088 square feet each. The project will encompass a gross building area of approximately 270,000 square feet including garages, storage, and mechanical spaces. The property will contain four three-story buildings and three four-story buildings. An on-site leasing and management building, a fitness center, a business center, a heated pool, a game room, and outdoor patios will complement the residential spaces.

The project will offer high quality finishes, comparable to those offered at similar Class-A, new construction apartment communities in the Greater-Boston market, including One Upland, a luxury apartment community developed by Campanelli and Thorndike Development which is set for occupancy starting October 2015.

Interior finishes will include stain-resistant carpeting throughout the living areas; stone tile in the kitchen, ceramic tile in the bathrooms, and vinyl tile in the laundry rooms. Units will feature modern, European design complete with granite kitchen and bathroom countertops; wood veneer, clean-lines cabinetry; and stainless steel appliances. Appliances include a stove/oven, refrigerator/freezer, dishwasher, garbage disposal, microwave, washer, dryer, and wall-mounted video screen panels connected to each entrance for security purposes.

For more information on the project, visit www.274eastmainstreet.com, or call Campanelli at

781-849-1440.