Charter Oak Provides Financing for Downtown Niantic Project

Charter Oak Provides Financing for Downtown Niantic Project

Construction Underway for New Bayside Commercial/Residential Complex

Waterford, CT ­– March 5, 2015 – Charter Oak Federal Credit Union has provided a multimillion-dollar financing package for the new Bayside commercial-and-residential rental complex under construction in downtown Niantic.

“This new Bayside project will fuel the further growth of business and retailing in downtown Niantic, and we’re proud to provide the funding to construct this impressive complex,” said Brian A. Orenstein, Charter Oak’s Chief Executive Officer. “This project also reflects our own continuing growth in commercial lending across eastern Connecticut,” he said. “At Charter Oak, we’re in the business of making commercial loans, and we’re always looking for new financing opportunities that can grow our local economy,” he said.

The three-story complex is being developed by GDS Capital Holdings, LLC of Old Lyme. It will feature four retail and commercial spaces and 24 residential apartments. Charter Oak will provide a construction and commercial mortgage loan for the 26,218-square-foot property, located at 369 and 377 Main Street in Niantic. Additional details of the financing agreement were not disclosed for proprietary reasons.
Bayside was designed by Peter J. Springsteel Architect, LLC in Mystic, and Gary D. Smith, P.E. serves as the project’s structural and civil engineer. The building project will include a three-story structure along Main Street containing four first-floor retail/commercial units as well as four residential apartments each on its second and third floors.

In addition, a rear building on the property will feature a first-floor parking garage with 18 spaces and eight residential apartments each on the second and third floors. Both buildings will be joined by a common lobby area and common hallways. The complex will also feature a passenger elevator. For Bayside leasing information, please contact Gary D. Smith at 860-434-3136 or via email at garydpe@aol.com.

For more information about Charter Oak’s business banking and commercial lending opportunities, please contact Jane Moriarty, Vice President of Lending, at 860-446-3381 or via email at jmoriarty@cofcu.com; Robert Beeckman, Vice President of Lending, at 860-446-3313 or via email at rbeeckman@cofcu.com; or Kim Mecteau, Vice President of Lending, at 860-446-3443 or via email at kmecteau@cofcu.com.

Charter Oak has 14 branches in New London and Windham counties and assets of $847.2 million as of December 31, 2014. For more information about Charter Oak’s products and services, please stop by one of our branches or visit our website at CharterOak.org.         
 
Charter Oak Federal Credit Union, headquartered in Waterford, Connecticut, offers a broad range of financial services – including checking, deposit, lending, insurance and investments – to individuals, businesses, non-profits and professionals in New London and Windham counties. If you live, work, worship, attend school, or volunteer in New London or Windham counties, we invite you to do business with us. For more information about what Charter Oak can offer you, please visit CharterOak.org. Federally insured by NCUA. Equal Housing Lender.