Bank inks $5m 'luxury' loan.

Commerce Bank continues to support local commercial and residential development and to structure custom financing solutions for its clients.

Commerce recently provided a construction loan in the amount of $5,276,000 to Pierpont Group, a development company headed by Jeffrey Perlik and David Rothstein.

The developer will complete construction on luxury single-family residences located at 97 Upper Seven Ponds Rd., 80 Flying Point Rd. and 100 Flying Point Rd., Water Mill, NY.

The home on Upper Seven Ponds Road will be 6,000 s/f and will sit on a 1.6-acres, while the residence on Flying Point Road will be built on a 2.0-acre site and be 6,300 s/f. The largest home, to be constructed on Flying Point Road, will be 6,900 s/f and will sit on a 1.9-acres.

Commerce Bank continues to expand the range of financial services provided for real estate projects, and its lenders know the risks and opportunities associated with the development, acquisition, construction, sales/leasing and financing of property.