First Niagara Finances Expansion, Renovation of Apartment Buildings
SPRINGFIELD — First Niagara Financial Group announced it has financed a $4.2 million permanent mortgage and a $625,000 revolving line of credit to Blue House Property Management, a local real estate investment company which purchases and refurbishes multi-family housing in Holyoke and Springfield.
This financing package will be used to refinance existing debt, acquire new multi-family properties and for capital improvements and updates of existing buildings in the Brightwood, Forest Park, and Old Hill neighborhoods of Springfield as well as the Elmwoods and Flats neighborhoods of Holyoke. Improvements will include upgrading certain properties with super high efficiency gas heating and hot water systems, installing new rear porches and updating units and common areas. It will also be used to completely rehabilitate a 48-unit apartment complex at the intersection of Dwight St. and Elm St. in Holyoke that sustained major fire damage last year.
“First Niagara’s local presence is what initially attracted us to the bank,” said Ilya Shnayder President & CEO of Blue House Property Management. “We appreciate the fact that the communities they serve are the same ones where we are working to make a difference in the lives of the people who live here.”
Many of the properties owned by Blue House Property Management and its affiliated real estate holding companies are leased to not-for-profit organizations that provide housing to underprivileged families in the community. Additionally, some of the locations provide residents with classroom space and computer labs where residents can learn ESL, computer literacy skills and how to cook healthy, nutritious and affordable meals.
“Blue House Property Management has an established reputation when it comes to providing safe, quality housing for people in Greater Springfield,” said Allison Standish-Plimpton, Senior Relationship Manager and Vice President of Business Banking at First Niagara. “Their dedication to improving the community is something that aligns with our mission at First Niagara, and we are proud to provide them with the financing to continue their good work.”