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$25m loan approved.

Fleet Real Estate Finance Group, a unit of Fleet Bank, has provided $25 million in financing for the renovation of the 3,950--apartment Parkchester North Condominium.

This is the second phase in the restoration of Parkchester; Fleet previously was the lead bank providing $25 million in financing for the just completed renovation of the 8,265 apartment Parkchester South Condominium.

The funds will provide for the upgrading of plumbing and wiring and the installation of new windows in all apartments in the north. When concluded, in 30 months, the entire Parkchester complex will have been completely upgraded and renovated--for the first time since it was built as a model community in 1940.

"Fleet is proud to take the lead in financing this important renovation that benefits thousands of middle- and moderate-income residents--and preserves a pivotally important and attractive Bro x community," said Philp Grossman, Executive Vice President, Community Real Estate Finance at Fleet.

"We are also pleased to continue our strong and productive partnership with the sponsor, Parkchester Preservation Corporation."
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 18, 2004
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