NUVO Bank Helps Preserve City of Homes
SPRINGFIELD — NUVO Bank & Trust Co. announced an open house and ribbon cutting to be held at a historic Queen Anne home that was rehabilitated, in part, through a short-term construction note from the Bank. The event will take place this Thursday, Sept. 24, from 4:30 to 6:30 p.m. at the home, located at 83 Bowdoin St. in Springfield’s McKnight historic district.
The single-family home, which was built in 1881, was purchased from the city for restoration by Demetrios Panteleakis, who has rehabilitated several other homes in Springfield’s historic neighborhoods. According to Jay Seyler, vice president of NUVO’s Commercial Loan Division, the city took the property through tax title and, through a grant program, sold it to Panteleakis at a discounted price along with a portion of the rehab funds needed to renovate it.
“He had financed similar projects through NUVO Bank in the past, and, with that history, he approached us to provide the remaining funds for the Bowdoin Street home through a short-term note,” said Seyler. “The benefit to Springfield is, once the project is completed and the home is sold, it’s back on the tax roll. It was previously a vacant property, abandoned and not earning any income for the city.”
The restoration of the home recently earned Panteleakis a Preservation Award from the Springfield Preservation Trust, which honors individuals and organizations that help restore and protect Springfield’s historic places. The property was in full rehabilitation at the time, which means it was in “complete disrepair,” said Panteleakis, who previously received Preservation Awards for rehabilitation projects on Bay and Westminster streets.
“NUVO Bank has always been committed to our preservation of homes within the city of Springfield,” said Panteleakis. “They have been a great community bank that supported us with our first restoration. NUVO Bank took a chance on us. They believed that we could not only rehab these homes, but make them marketable inside the city of Springfield. They really helped us with more than just the lending; they actually helped with the act of developing a business plan and making it economically feasible.”
The Bowdoin Street renovation would not have been possible without the collaboration of NUVO Bank, the Springfield Office of Planning and Economic Development, and the city’s Housing Department, he added. “All three have played a great part in preserving Springfield’s history.”