Franklin Savings Bank extended $2.5MM in construction financing to assist with renovations to Deer Run, a 25-unit apartment complex located on Pleasant Street in Meredith, NH. Construction is underway to conduct several improvements to the interior of the building, including the installation of a sprinkler system and energy efficiency improvements to include new windows, doors, insulation and siding. Construction is expected to last for 12 months.
“Franklin Savings Bank is pleased to once again continue our partnership with Lakes Region Community Developers on this project to ensure the residents of Deer Run will have energy efficient units to live,” commented John Bortolotto, Regional VP – Commercial Loan Officer. “We were also proud to sponsor a $300,000 Affordable Housing Program grant from the Federal Home Loan Bank of Boston to support this project.”
The Deer Run project will include improvements to the complex grounds. The apartments will remain occupied throughout construction; however, blocks of units will be vacated on a rolling basis to enable interior renovations to be completed.
Bortolotto added, “I am honored for the opportunity to collaborate with the various partners and agencies involved in this project; collectively we worked hard to bring this project to fruition.”
In addition to FSB’s construction financing, other sources of funding were provided by the Raymond James Tax Credit Fund, New Hampshire Housing, New Hampshire Community Development Finance Authority, US Department of Housing and Urban Development, US Department of Agriculture – Rural Development, Federal Home Loan Bank of Boston, NeighborWorks America, and Rural LISC.
Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, personal banking and investment services. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack and Goffstown. Through its wholly-owned subsidiary, Independence Financial Advisors, Franklin Savings Bank also offers investment, insurance and financial planning services. A recognized leader in providing the latest in financial services technology, Franklin Savings Bank is committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.