The New York office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $2.3 million construction and permanent loan for the completion of a new 13,400 s/f building for the American Cancer Society, New England Division.
HFF senior managing director Al Epstein worked on behalf of the American Cancer Society to secure the loan through The Bank of New Canaan, a wholly owned subsidiary of BNC Financial Group. Loan proceeds are being used to finance the new facility, which has an approximate cost of $5 million.
The new American Cancer Society facility is located on Richards Ave. on the former site of the Burndy Library of Science & Technology. The property will be dedicated as "The C. Anthony and Jean Whittingham Family Building." The Whittingham family has devoted itself to the support of cancer care, particularly in Fairfield County, Connecticut. Foundation work is underway and the building will be complete and operational in 2011.
"There's a real narrative here in taking the idea of a new facility and making it a reality. One could start with the current difficult economic climate and the fact that so many people in the community did not hold back or make excuses because of that. At a time when few construction loans are being approved, the officers at The Bank of New Canaan really reached out to do this. A lot of credit goes to bank officers Heidi DeWyngaert, Peter Keller and Bob Palermo," said Epstein.
HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.