Fleet finances $25m project - Fleet Real Estate Finance Group finances Parkchester North Condominium - Brief Article

Real Estate Weekly, Feb 11, 2004

Fleet Real Estate Finance Group announced that it 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

"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 Bronx community," said Philip Grossman, executive vice president and market manager.