100 Black Oak Road, Weston

Middlesex Savings Bank recently closed on more than $11.2 million in new construction loans for several residential developments in the Greater Boston area.

“It is gratifying to be able to help our residential development customers achieve their business goals,” Chief Commercial Banking Officer Thomas Farley said in a statement. “We value our longstanding relationships with clients and over time, their goals become our goals. It is an exciting time and we are pleased to be a part of the process.”

Middlesex provided a $3 million line of credit to finance construction late last year for the Barnard Hill Estates project, a phased 45-lot subdivision in Boylston. Previously, the bank provided a $3 million line of credit for roadwork in 2014. Currently sales are underway with four homes pre-sold and under construction in Phase 1.

For Northland Residential Corp., the bank provided a $3.5 million revolving line of credit for new home construction on its Woodmere at Brush Hill development. That project is a new neighborhood of 36 classically appointed two- and three-bedroom townhomes. Financing was structured to support the acquisition of property at 865 Brush Hill Ave. from the Archdioceses of Boston, and the building of 36 townhomes – four marketed as affordable housing and the remaining homes offered at market rate in the $900 million range. The original acquisition loan was restructured in 2014 to include $1.8 million in development financing to finish the project infrastructure. The bank also provided a $3.5 million revolving line of credit for new home construction, bringing current financing to over $7 million.

Finally, Middlesex Savings Bank has provided $3 million in financing to date for Nash Development Corp. and Terra Holdings LLC. That will finance construction on a 7,419-square-foot home at 100 Black Oak Road in Weston. That project is expected to be completed for the fall market. Terra Holdings principals Daryl Nash and Gary Berg report interest in the property, which will be marketed at $5 million.

In a statement, Nash, also president of Nash Development, praised Middlesex Savings Bank’s Construction Loan Officer Rick Cole in particular.

“When it comes to future business, especially our lending needs for upcoming projects, we look forward to continuing our association with the bank,” he said in a statement.

Middlesex Bank Puts Down Millions For Greater Boston Developments

by Banker & Tradesman time to read: 1 min
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