First Niagara Announces $15 Million Refinancing of Fully Leased Greenwich Office Building Owned By Simone Development and Fareri Associates

GREENWICH, CT (November 2013) – First Niagara's Commercial Real Estate Group has announced closing on a $15 million loan for the refinancing of One Sound Shore Drive, a fully leased, 60,000-square-foot Class A office property in Greenwich, CT. The property is owned and managed by Simone Development Companies and Fareri Associates.

Tracy Dembicer, Vice President, Commercial Real Estate, handled the transaction for First Niagara.   

This is First Niagara’s second financing transaction for Simone and Fareri. Last month, First Niagara announced closing on a $22.8 million construction loan for the development of 3030 Westchester Avenue,  a new 85,000-square-foot, state-of-the-art medical office building in Purchase, NY.  The new building has been leased in its entirety to WESTMED Medical Group, a rapidly growing physician-owned and managed multi-specialty group practice.

“The First Niagara real estate platform sees high growth potential in the Tri-State market and continues to cultivate new opportunities with strong regional developers like Simone Development and Fareri Associates,” said Ms. Dembicer.

“This is our second loan transaction with First Niagara and we’re very pleased with the responsive service and their understanding of our business needs. We look forward to working with them on other projects in the future,” said Joseph Simone, President of Simone Development Companies.         

Simone Development Companies is a prominent, full service, privately held real estate firm established over four decades ago with acquisition and development expertise across office, medical, industrial, retail and residential properties in the TriState area. Fareri Associates, LP is a real estate development firm that was established in 1994 and has deep expertise in development and repositioning properties including retail, mixed-use, office, residential and medical buildings.  

First Niagara’s Commercial Real Estate Group provides financing for a variety of property types, and construction projects across multiple states and regions including New York, Connecticut, New Jersey, Massachusetts, Maryland and Washington, DC.

About First Niagara

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 420 branches, approximately $37 billion in assets, $27 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.