Eaton Peabody Assists in Bangor Y Expansion
May 27, 2010
Hammond and 2nd Street Facilities to be Merged
BANGOR, ME - Eaton Peabody recently played an integral role in effecting an innovative financing that will enable the Bangor Y to begin implementation of a long term plan to consolidate its facilities at its existing Second Street location. Financing was obtained from a loan pool established by CEI Capital Management LLC and funded and administered by Bangor Savings Bank under the federal New Markets Tax Credit loan program. A portion of the loan proceeds were used to acquire 10 properties adjacent to the Bangor Y’s existing 2nd Street facility. The balance will be used over the coming months to redevelop the acquired land in order to provide parking for the new consolidated Y facility. Long range plans include development of additional facilities at the expanded Second Street property, including a full size gymnasium and expanded workout facilities.
Attorneys Karen Huber, Andy Hamilton, Erik Stumpful, Jonathan Pottle and Allison Lucy all worked with Managing Partner and project attorney, Dan McKay, bringing a wide range of expertise to bear on a complex project.
“This project required a true team effort,” said McKay. “Successful redevelopment of this old urban neighborhood involved not only real estate acquisitions but development of a land use strategy that would satisfy neighbors, meet the needs of the Y and comply with City land use ordinances. In this particular case, these needs necessitated a zoning change, discontinuance of a city street and approval of a planned group development, among other issues, all within the confines of a densely populated existing neighborhood and within very tight time constraints. We had exceptional cooperation from all parties, including City officials and the lender, which allowed us to bring the project to a successful completion within the targeted time frame.”
The Bangor Y now looks forward to implementing its long term plans at a new expanded facility.
For more information on the Bangor Y and their expansion plans, please visit bangory.org.
