Branford developer gets $12.5M loan for age restricted housing
BRANFORD First Niagara Bank has extended a $12.5 million loan to a local developer to build an age-restricted apartment complex near the town Green. First Niagara’s mortgage loan will finance the construction of Green View Commons, a 117-unit apartment community for residents 55 or older. Leasing for the complex begins with an open house this Sunday and the full project is expected to be complete sometime this fall. The complex is being built by the Vigliotti family, a second-generation developer from Branford. Their business interests include JFA Management, A. Vigliotti Realtors and Vigliotti Construction Co. The Green View Commons complex will consist of three secured, elevator buildings situated on a 5½-acre property located on a cul-de-sac just a few block from the Green. The one- and two-bedroom apartments will range from approximately 900 to 1,150 square feet. Each apartment will come with a full array of appliances, with laundry facilities on two floors. Each building will have a large community room and underground parking. John Vigliotti, president of JFA Management, said in a statement that the bank’s financing “has allowed us to meet the unique needs of the Green View Commons project.” FA Management owns and manages apartment complexes throughout the area, including Branford, Guilford, East Haven, North Haven, Milford and Wallingford. CLICK TITLE TO CONTINUE READING
Torrington planning and zoning approves athletic field upgrades
Torrington’s Planning and Zoning Commission unanimously approved Gale Associates Inc.’s proposed site plan to upgrade the high school’s athletic facilities, with the focus on reconstructing the existing track and field stadium. Eric Roise and Ed Arum of Gale Associates presented their plan to the planning and zoning commission Wednesday night. Present on the commission were James Bobinski, Richard Calkins, City Planner Martin J. Connor, Greg Mele, Christine Mele and Donna Greco. Roise presented Gale’s site plan for the high school, which included reconstruction of the existing track and field stadium—including a new running track, artificial turf on the interior field, replacing the bleachers and press box, adding new visitor bleachers, replacing the lights and controls on the existing light poles and working on other associated walkways and amenities.
“The idea is to improve the track,” Roise said. “Because of the narrow layout of the existing track, you can’t get a full-size soccer field.” To allow for that change, the new track will be expanded into an eight-lane, all-weather surface track, which allows the school to start hosting meets and championships. The inner field surrounded by the track will also change from grass to artificial turf, reducing the amount of upkeep needed on the field. CLICK TITLE TO CONTINUE READING
Equipment leasing confidence jumps to two year high
The Equipment Leasing & Finance Foundation (the Foundation) released the March 2014 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $827 billion equipment finance sector. Overall, confidence in the equipment finance market is 65.1, the highest index in two years and an increase from the February index of 63.3. The first quarter MCI levels are the three highest since April 2011. When asked about the outlook for the future, MCI survey respondent Daryn Lecy, VP of operations, Stearns Bank N.A. Equipment Finance Division, said, “Considering we are coming off what are typically slower months and the likelihood that our extra-aggressive winter further impacted new business, we remain optimistic for 2014. We are fortunate to be experiencing year-over-year growth, increasing demand, and overall solid delinquency levels.” CLICK TITLE TO CONTINUE READING