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Fidelity Bank said on Friday that it led a $21 million leasehold mortgage to support the renovation of an apartment project in Amherst.

In partnership with Savers Bank and North Brookfield Savings Bank, the funding will go to revitalizing the 182-unit ReNew Amherst Apartments in Amherst.

The property was built in 1968 and consists of one-, two-  and three-bedroom units ranging from 875 to 1,140 square feet in size. It has a tennis and sports court and it is a short drive from Amherst Center’s shops, the University of Massachusetts Amherst, Amherst College and Hampshire College.

“By working with Fidelity Bank and their partners at Savers Bank and North Brookfield Savings Bank, my client was able to take their business to the next level with this investment to revitalize one of the town’s most popular properties,” Eric Ruder, attorney for the investors of ReNew Amherst, said in a statement.

Fidelity Bank said it provides commercial lending support to business owners and investors, regardless of the company size.

“Our LifeDesign banking promise of providing care, confidence and clarity enabled us to work effectively with our partners and the investor to ensure the best possible outcome for all on this project. We wish the investors much success and look forward to visiting ReNew Amherst when the renovations are complete,” Joseph Silva, Fidelity Bank’s Chief Lending Officer, said in a statement.

Fidelity Bank Funds $21M Apartment Renovation in Amherst

by Nika Cataldo time to read: 1 min
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