According to the Boston Business Journal:

The Penny Savings Bank received $4.4 million in permanent financing from Stonegate Group LLC for a redevelopment of the former bank.

The five-year, fixed-rate permanent loan closed this month and includes a five-year extension option …

Hmm. Does this strike anyone else as odd?

I don’t know anything about financing new construction, but this project is already done.

Why would the developer need funds for five more years?

Unless they think it’s going to take another five years to sell the remaining units …

Oy.

Source: Penny Savings gets $4.4M in financing – Boston Business Journal

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