Chelsea Groton Bank October 2015
Business Matters Chelsea Groton understands big business concerns, small business needs... and where the two intersect.

Lending a New Lifestyle

Situation

Odd Fellows Home of Connecticut Inc. (also known as Fairview), a 501(c)(3) organization located in Groton, CT, considered a plan for housing a complete continuum of care. Fairview was already operating a skilled nursing facility, so the non-profit was interested in developing an independent living community for individuals who could eventually utilize the resources offered in the nursing facility. In 2013, Chelsea Groton Bank was approached to finance the independent living facility's construction project, Thames Edge at Fairview.

Building Frame"As a mutual bank, Chelsea Groton cares immensely about our customers and the community," said Anthony Joyce, SVP, Commercial Lending at Chelsea Groton Bank. "There were a few reasons we decided to work on the project. Not only was it exciting from a business perspective, but also because of the shared mission of Chelsea Groton and Thames Edge. The Bank strives to improve the futures of those we work with and Thames Edge has committed to doing the same. This project is giving people the option to transition from one stage of life to the next, in a convenient, comfortable and friendly environment."




Construction ContinuesFunding Plan

It was determined that the Thames Edge at Fairview project would be divided into phases. Fairview requested two loans – a non-revolving construction line of credit and a construction/permanent commercial mortgage.

Phase I included the build of 23 homes (seven freestanding homes and eight duplexes) and a clubhouse for the community to enjoy. Upon completion and occupancy of all Phase I homes, the first loan would be paid down.

Ground would be broken for Phase II immediately following Phase I's completion. Phase II would include 17 homes (five freestanding homes, two duplexes and two quad buildings) with direct water views of the Thames River. As the units were completed and occupied, entrance fees would help pay down the second loan. Upon completion of the 17 units, the balance would be financed on a permanent basis.




Finished HomesThe Thames Edge at Fairview project is the largest commercial loan Chelsea Groton Bank has funded to date. Phase I homes were quickly occupied, and the clubhouse was completed. The Phase II project began as planned, and the first completed home has been occupied. Others are still under construction, but will be available for occupancy in the next several months.

The homes are stylish, spacious, and provide residents with maintenance-free, one-level living. The finishes and appliances are high-end, and all homes were constructed with universal design in mind, meaning everything is handicap-accessible.

The clubhouse is a great place for socializing and exercising. A beautiful fireplace, full kitchen and many dining tables are in the main space, and a fitness area with cardio machines and weights are available in an adjoining room.

Thames Edge offers occupants the option for independent living, with the security of knowing that, if-needed, medical care is conveniently available on the same premises and at a reduced rate. Residents at Thames Edge who have family or friends in the nursing facility have the option to visit their loved ones on a regular basis. Having the comforts of home and access to medical care on the same campus gives peace of mind to all who choose to live at Thames Edge, and their loved ones.

Chelsea Groton Bank was proud to fund the Thames Edge at Fairview project. To learn more about the Bank's lending capabilities, click here.


By the Numbers


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