Dime Bank lends a combined $2.2 Million in financing for Mason Island Projects

Norwich, CT – Dime Bank recently provided permanent financing of $1.1 million to Mason Island Marina for a 132 unit slip marina. A second loan of $1.1 million was provided for the development of a “green” community that is currently under construction on Mason Island in Mystic, CT.  The project is the vision of Mystic Point, LLC members, Robert “Bob” Ferarra and Genaro “Jerry” Martorelli.  This construction financing will support the proposed high-end condominium community striving to become the first LEED Platinum community of homes in New England.

 

LEED certification measures construction quality, design, innovation, site sustainability, water and energy efficiency, sustainable materials usage, and indoor air quality. What does this mean for homebuyers? The complex will save homeowners up to 60% more energy than a traditional home. The environmentally friendly community will be the regions first sustainable complex. The project will be completed in phases with a final completion date anticipated to be in 2011.

 

Brian McNamara, V.P., Senior Commercial Loan Officer at Dime said, “Although the Borrower's primary bank was not interested in the project on Mason Island, citing a difficult economy and an overall reluctance to lend, we at Dime Bank felt that with the proven experience of the principals', the projects location, and by properly structuring the loan, it made a lot of sense.”

 

Ferarra, Managing Member of Mystic Point, LLC and Mason Island Landing, LLC said, “It is a great example of a community bank working together with local businessmen to provide financing for a worthwhile project in difficult economic times. It is this type of vision and willingness to move forward that will bring us out of the economic slump and create jobs in the area.”

 

To learn more about the properties available, please visit www.randallrealtors.com or call Susan Robotham at 860.235.0979 or Fran Wiehn at 860.823.0707. Complimentary Energy Saver Booklets with helpful tips are available upon request.

 

About Dime Bank

With 10 locations throughout southeastern Connecticut and one in Westerly Rhode

Island, Dime Bank is a mutual, community oriented financial institution offering

competitive products to meet the needs of consumers, businesses, non-profits and municipalities. The hallmark of the Dime is the personalized manner in which it serves customers and supports its communities.  Dime Bank is committed to providing a positive work environment where employees are valued and respected.