 |
|
 |
|
| Personal | Business Banking | Commercial | Wealth Management | |
| |
|
|
|
| Personal | Business Banking | Commercial | Wealth Management | |
|
Eastern Bank Provides Refinancing on Five Properties in Downtown Salem Commercial real estate loan reflects Eastern’s commitment to Salem SALEM, Feb. 18, 2003 – Eastern Bank today announced that it has provided a $3.6 million refinancing loan on five properties in downtown Salem, helping the owner save thousands of dollars each month in interest payments. Owned by Lafayette Realty Trust, the abutting properties are located at 7 Dodge St., 191-211 Washington St., 11-13 Dodge St, 29 New Derby, and 76-84 Lafayette St. The properties include more than 56,000-square-feet of office/retail space in one of the city’s busiest business districts. “Homeowners are not the only ones taking advantage of record-low interest rates,” said Peter Bazzinotti, a vice president of commercial real estate lending at Eastern. “A number of commercial property owners have refinanced their loans, saving anywhere from a few thousand dollars to hundreds of thousands of dollars in interest payments.” Haim Weizmann, the principal of Lafayette Realty Trust, had financed the property several years ago with another bank. With interest rates on the decline, he began talking to several area banks about refinancing his loan on the properties. “Eastern provided the best rate and fastest turnaround time on the loan, which reflects their intimate knowledge of the Salem commercial real estate market and their commitment to customer service,” Weizmann said. “I’m obviously pleased with the arrangement.” Founded in 1818, Eastern Bank is New England’s largest mutually-owned, independent commercial bank, with $4.4 billion in assets, $3 billion in commercial and consumer loans and 47 branches in Greater Boston. Eastern has a full line of consumer, commercial and investment banking products. For more information, contact: Joe Bartolotta, Public Relations Director, Eastern Bank, |
|
