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The financing arrangement will consist of a $9 million construction loan and a $1 million line of credit for working capital.
The JCC currently operates out of a 17,600-square-foot facility that offers children’s programming, adult education, special needs services and a fitness center.
The JCC also owns an adjacent 42,000-square-foot property (former training site for General Motors) currently in the process of being partially demolished; the center plans to use this property to construct a new “community campus,” which will include a new fitness center, two indoor pools, open community space, a performing arts center and a gymnasium.
Renovations to this facility will also include upgrades to the existing auditorium and cafeteria along with the construction of new offices for the center’s leadership.
“First Niagara took the time to get to know the mission of the JCC and understood what we were trying to accomplish as a nonprofit organization,” said Frank Hassid, executive director of JCC on the Hudson. “The financing they have provided is going to help our center expand to meet the needs of our growing community, something we are very proud to be able to do for people living in Greater Tarrytown.”
Construction is expected to be completed by May 2017.
“We at First Niagara are excited to help JCC on the Hudson achieve their expansion goals and we look forward to seeing the positive impact their new and updated facility will have on the community for many years to come,” said Steven Hoffman, first vice president, Business Banking Team Leader for First Niagara’s Tri-State Region.
More information on the JCC on the Hudson can be found by visiting its website here.
First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $39 billion in assets, $28 billion in deposits and approximately 5,400 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts.
For additional information on First Niagara, visit www.firstniagara.com.
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