Fidelity Bank leads $21 million leasehold mortgage residential project in Amherst
Lending to support revitalization of ReNew Amherst Apartments
(Leominster, Mass.) –Fidelity Bank today announced it is leading a $21 million leasehold mortgage in partnership with Savers Bank and North Brookfield Savings Bank to support the renovation and revitalization of ReNew Amherst Apartments, located at 44 South Point Drive, in Amherst, Mass.
The property, which was built in 1968, offers a total of 182 apartments, consisting of one, two or three-bedrooms that range in size from 875 to 1,140 sq. ft. In addition to a tennis and sports court as well as easy access to Amherst’s shopping and nightlife, ReNew Amherst is located just minutes from the University of Massachusetts, Amherst College, and Hampshire College.
“Residents and students alike have called ReNew Amherst Apartments home over the years,” said Eric Ruder, attorney for the investors. “By working with Fidelity Bank and their partners at Savers Bank and North Brookfield Savings Bank, my client was able to take their business to the next level with this investment to revitalize one of the town’s most popular properties.”
As a leading lender of commercial loans, Fidelity Bank works with companies of all sizes to finance growth toward achieving solutions and success for business owners and investors.
“Our LifeDesign banking promise of providing care, confidence and clarity enabled us to work effectively with our partners and the investor to ensure the best possible outcome for all on this project,” said Joseph Silva, chief lending officer, Fidelity Bank. “We wish the investors much success and look forward to visiting ReNew Amherst when the renovations are complete.”
Fidelity Bank offers a variety of commercial banking and lending programs and services to help businesses meet their financial needs and goals. Learn more at www.fidelitybankonline.com/business-banking.
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About Fidelity Bank:
Founded in 1888, Fidelity Bank is one of the strongest independent community banks in Central and Eastern Massachusetts. Celebrating its 20-year anniversary as the brand promise to the community, Fidelity Bank’s unique LifeDesign approach to banking provides the care and clarity needed to make informed decisions with confidence. The Bank offers a range of personal and business banking solutions to clients in 13 full-service banking centers in Leominster, Worcester, Fitchburg, Needham, Gardner, Shirley, Barre, Millbury, Paxton, Princeton, and Winchendon. The Bank has consistently earned a “5 Star” rating from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. Fidelity Bank was the only bank in Central and Western Massachusetts recognized as one of Forbes “America’s Best Banks in Each State 2022,” in addition to being voted Worcester Telegram & Gazette Best Financial Services in Central Massachusetts and placing on the Boston Globe’s Top Places to Work list six times. As of June 30, 2023, the bank had total assets of approximately $1.4 billion. For more information, visit fidelitybankonline.com.