DOVER, NH – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce a $2.5 million construction loan to Dover-based developer Summit Land Development (Summit) 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 (VA) and will house a Community-Based Outpatient Clinic (CBOC). The VA currently has over 800 CBOCs 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 multi-family residential and commercial developer in New Hampshire’s Seacoast region. This 15-year banking relationship has provided construction financing for a number of well-known development projects in the Dover area including residential communities and mixed-use commercial properties. 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. The Dover area is regularly recognized as a top place to live, and Summit has been an active philanthropic supporter as the community has grown.
“Eastern is a valued banking partner for a variety of reasons,” said Chad Kageleiry, Managing Partner of Summit. “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 the Commercial Real Estate team on this financing. The team included Commercial Portfolio Manager Michael Cate and Commercial Banking Administrators Karen Tenney and Dawn Shearer.