Dime Bank recently provided permanent financing of $1.1 million to Mason Island Marina for a 132 unit slip marina. A second loan of $1.1 million was provided for the development of a “green” community that is currently under construction on Mason Island in Mystic. The project is the vision of Mystic Point, LLC members, Bob Ferarra and Jerry Martorelli. This construction financing will support the proposed high-end condominium community striving to become the first LEED Platinum community of homes in New England.
Brian McNamara, V.P., Senior Commercial Loan Officer at Dime said, “Although the Borrower’s primary bank was not interested in the project on Mason Island, citing a difficult economy and an overall reluctance to lend, we, at Dime Bank, feel that with the proven experience of the principals, the projects location, and by properly structuring the loan, it makes a lot of sense.”