|
New York
Business Development Corporation - November 2006 Newsletter
Success Story of the Month
Referred By:
Type of Business: Architecture/Interior
Design/Green Building Consulting
Empire State CDC Financing:
$469,000
|
|
Leigh Ollman, Jonathan Haynes,
Mike Phinney and Marci Phinney |
After 12 years of
designing buildings for others, Michael Phinney finally got the chance to
design one for himself. Before beginning his own firm,
Phinney designed the nationally recognized new headquarters
for the New York State Department
of Environmental Conservation. This 15-story, 500,000 sq.
ft. Class A structure was the first certified green building
in New York State.
Phinney took this
experience and began his own architecture firm, Phinney Design
Group, specializing in green building. The incentives
offered by
the New York State Energy Research and Development Authority's (NYSERDA)
New Construction Program and the New York State Green Building Tax
Credit have fueled the company's tremendous growth over the
past several years causing it to outgrow
its current leased space. The company designed its own
three-story building and
secured a
site in the heart
of the “Art District” on Grand Avenue in the city of Saratoga. Phinney looked to Pioneer Savings Bank and Empire State CDC to
finance this project.
 Dan
Cheeseman, Vice President of Commercial Services, Pioneer Savings Bank and Curt Solomon,
Vice President, Empire
State CDC worked with Phinney to
put together a financing package that took advantage of the
low down payment and long-term, below market fixed interest rate
available under the 504 loan program. Empire State CDC, under its
new construction loan program, is also participating in the
construction financing with Pioneer Savings Bank.
“Empire State CDC’s
ability to participate in the construction loan is a huge
advantage for community banks and is another benefit of using
the 504 program with Empire State CDC.” - Daniel Cheeseman,
Pioneer Savings Bank
What a Success! Empire State CDC and Pioneer Savings Bank got the deal done.
“This
was a time sensitive project. Thanks to the efforts of
the Empire State CDC and Pioneer Savings Bank, we were able to
meet our deadlines. They were instrumental in
processing the application and moving the project through to
closing. The SBA approved the project on October 30th
and we closed three days later!.” - Michael Phinney,
Phinney Design Group
President's Remarks
Lender's Corner - Construction Financing
Success Story
NYBDC
News Highlights
Employee Spotlight -
Richard Amsterdam Welcome
Aboard
October
Loan Approvals Current
Loan Rates
Contact
Us
|