Webster Bank Finances $21.3 Million for Shopping Center in Westchester County
TARRYTOWN, N.Y., Nov. 7, 2011 /PRNewswire/ -- Webster Bank announced today that it has provided $21.3 million in construction and permanent financing for a new, 100,000 square-foot retail center on Tarrytown Road in Tarrytown, New York.
The loan will finance the ground-up construction of a Super Stop & Shop and retail center, led by the New York-based Robert Martin Company and Halpern Organization. Ground has been broken and construction completion of the first phase is estimated for Spring 2012.
"Webster Bank remains committed to Westchester County and to its property owners and developers who share our dedication to innovative and job-creating projects," said Robin Gallagher, senior vice president, Webster Bank. "It's been a pleasure working with the team at Robert Martin Company and we are appreciative of the opportunity to play a supporting role in bringing this facility to Tarrytown."
"Having been an active developer throughout Westchester County for more than 55 years, we're pleased to begin work on this retail center, which is one of largest commercial developments the area has seen in recent years," said Robert Weinberg, president and co-founder of Robin Martin Company. "Webster Bank's flexibility in executing a multi-phase financing structure was a key catalyst for this project and is demonstrative of our shared commitment to Westchester County."
The Robert Martin Company has developed and acquired more than 20 million square feet of property since 1957. For more than 50 years, Weinberg has personally worked in the Westchester County area developing office and industrial complexes. Weinberg also serves as a director and principal shareholder of the Mack-Cali Real Estate Investment Trust.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 171 banking offices, 485 ATMs, telephone and mobile banking, and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; Webster Capital Finance Corporation, an equipment finance company headquartered in Farmington, Conn.; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
About Robert Martin Company, LLC:
Founded in 1957, Robert Martin Company, LLC has a long, distinguished history in New York real estate. The company and its partners have developed, built and acquired over 20 million square feet of property. Widely regarded as a pioneer in office park development and mixed-use urban renewal projects, the real estate and investment firm has expanded from its home base in the New York metropolitan region into Southeast United States and California. The company's holdings and partnerships include over 3 million square feet of commercial space and approximately 300 acres of developable land. For more information, please call (914) 345-5650 or visit www.robertmartincompany.com.
About Halpern Organization:
The Halpern Group (THG) is a full service real estate franchise, offering clients and investors access to a comprehensive suite of investment, operating, development and advisory services. Supported by an experienced leadership and execution team, the Group offers institutional investment management, operator, multi-scale and asset class development, and project management experience. THG represents the affiliation of Halpern Real Estate Ventures, JMH Development and other family real estate and construction subsidiaries, as well as the collective experience of the Halpern family's four generations of participation across the spectrum of real estate. Halpern Enterprises, the legacy company forming the foundation of THG, successfully navigated the Group portfolio through the S&L crisis and ensuing real estate correction in the early 90's, solidifying the franchise's leadership position in Westchester County, NY and throughout the region.
Jake Daubenspeck (203) 254-1300 x107
SOURCE Webster Bank