| Bay Ridge Development Corporation,
a joint venture between The Simon Companies of Braintree,
MA and Old Port Homes of Portsmouth, RI is
pleased to announce the closing of its construction
and development
financing from Brookline Bank of Brookline, MA and
Bank Newport of
Newport, RI. Bay Ridge is a private gated community
offering custom
residences with first floor master bedrooms, two
car garages and full
basements for residents 55 and over. Minutes from
downtown Newport, Bay
Ridge offers an exciting lifestyle choice including
an on-site clubhouse
with fitness center, pool, and tennis and bocce
courts.
"This financing package guarantees
the availability of long-term construction financing
for the present and future development of Bay
Ridge," reports John Snyder, Senior Vice
President of The Simon Companies and a principal
in the Bay Ridge project. "Our residents
can rest assure that Bay Ridge is strong and well
financed." According to Charles Peck, President
of Brookline Bank, "Brookline Bank has had
a long term and successful relationship with The
Simon Companies and its development affiliates
and is excited to have the opportunity to offer
financing to the Bay Ridge team." Brookline
Bank's partnership with Bank Newport provides
it with a local presence to better serve the needs
of the Bay Ridge project.
The residences at Bay Ridge are
being built by Oldport Homes. Eric Johnson, President
of Oldport Homes and a principal in the Bay Ridge
project, said, “We are proud of our reputation
as one of the finest builders of shingle style
residences in New England. We are very excited
about bringing these skills to bear at Bay Ridge
and initial response indicates that this will
be a very successful development that fills a
real need in the marketplace”.
Construction work on the project
began last fall with significant progress having
been made on infrastructure, utility work and
roads. Foundations are presently being poured
for the model. Construction on the clubhouse,
pool, tennis and bocce courts will begin in the
weeks to come. By spring, 2008, the furnished
models and the clubhouse should be ready to welcome
visitors to Bay Ridge.
The Sales Center is located at 345
Forest Avenue in Middletown and is open from 11:00
AM to 4:00 PM Thursday through Monday, as well
as by appointment.
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