NEW HAVEN, Conn., July 6, 2011 /PRNewswire/ -- Webster Bank today announced it has approved $1.5 million in loan financing for the historic Lovell School revitalization project in New Haven.
The loan will finance a restoration project that is being spearheaded by prominent State Street developers Bob and Susan Frew to turn the former school building, located at 45 Nash Street, into an apartment complex hosting 18 units.
"Webster Bank knows New Haven and we know the opportunity that exists for this community," said Jeffrey Klaus, regional president, greater New Haven for Webster Bank. "This loan will provide the necessary capital to fund a revitalization project that will have a positive impact on this property and on the Goatville section of the East Rock neighborhood."
Proposed major improvements to the building include the installation of a geothermal heating and cooling system, a new roof, an elevator system, and energy-efficient, insulated windows.
"The historical significance of this property is profoundly unique," said Bob Frew. "The revitalization of this building will breathe new life into this wonderful piece of city history, and we're excited to see Webster share our commitment to preserving New Haven's past while investing in its future."
Environmentally-friendly renovations will be made to the property in accordance with guidelines set forth by the Leadership in Energy and Environmental Design (LEED). To bolster the site's rainwater management, a large portion of the property's asphalted yard will be removed and replaced with trees and bushes. The total footprint of the paved portion of the yard will be reduced from 50 percent to 10 percent.
"This revitalization will provide more quality residential options in the neighborhood," said Klaus. "After being vacant for a year, the historical school building is going to be tastefully converted to a residential property by two of the best local developers in the state."
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 176 banking offices, 497 ATMs, telephone 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.
Jake Daubenspeck (203) 245-1300
SOURCE Webster Bank