Image courtesy of Eastern Bank
The developer of a new medical office building in Somersworth now has financing for its construction.
Eastern Bank provided a $2.5 million loan to Summit Land Development for ground-up construction of an 8,500-square-foot building at 5 Terrascape Parkway along Somersworth’s “Medical Mile.” Planned to open in late 2019, the build-to-suit medical building is fully leased, long-term, to the U.S. Department of Veterans Affairs and will house an outpatient clinic. The VA currently has over 800 such clinics to provide common outpatient services, including health and wellness visits, in communities across the country.
A customer of Eastern Bank and previously Centrix Bank & Trust since 2004 – Centrix merged with Eastern in 2014 – Summit is a multifamily residential and commercial developer in the Seacoast region. Eastern and its predecessor bank have provided a number of well-known development projects in the Dover area including residential communities and mixed-use commercial properties over the last 15 years. In 2017, Eastern provided a $20 million construction financing loan to Summit for the 55-acre development of Pointe Place, a mixed use and residential planned community in Dover that opened in 2018. The first phase of Pointe Place offered 120 residential units and 30,000 square feet of commercial space; it is fully leased with subsequent phases to follow.
“Eastern is a valued banking partner for a variety of reasons,” Chad Kageleiry, managing partner of Summit, said in a statement. “As the Dover area has grown, real estate development demand has likewise increased. Eastern’s scale and community focus have been a great fit for us. The team is a pleasure to work with and they offer market terms and an efficient process. We look forward to working together with them for many more years to come.”
Senior Vice President and New Hampshire Seacoast Team Leader Matthew J. Sylvia led Eastern’s Commercial Real Estate team on this financing. The team included Commercial Portfolio Manager Michael Cate and Commercial Banking Administrators Karen Tenney and Dawn Shearer.
