WARSAW, N.Y., Nov. 19, 2018 (GLOBE NEWSWIRE) -- Five Star Bank (the “Bank”), subsidiary of Financial Institutions, Inc. (Nasdaq: FISI), today announced that it recently provided $9 million of construction loan financing and $11 million in Low Income Housing Tax Credit equity for the development of Perry Knitting Mill Apartments, a 48-unit affordable apartment project located in the Village of Perry, NY.
The project will be developed by DePaul Properties, Inc. (“DePaul”) and involves the renovation of the former Perry Knitting Mill, a long vacant manufacturing facility located in the village. DePaul is returning this property to vitality and relevance with this challenging redevelopment. The project will provide housing for workforce families, as well as apartments with supportive housing services that are reserved for individuals with mental illness and the frail elderly, particularly those at risk of homelessness. Preference for these apartments will be given to seniors, as well as veterans and military personnel.
Craig Burton, Commercial Real Estate Executive for Five Star Bank, said, “Perry, located just 10 miles from our headquarters in Warsaw, is a very important market for Five Star Bank. We believe that it is critical for the community that this much-needed housing project be successfully developed. We are pleased to have the opportunity to work with such a capable and accomplished company as DePaul by providing the funds that will move the project forward to successful completion.
“Five Star Bank recognizes the need for affordable and special needs housing in Upstate NY and has initiated a program to provide both debt and equity financing for these projects throughout its footprint. The recent hiring of Senior Vice President John Berry, who worked directly on this financing, was an important step in developing this expertise at the Bank.”
DePaul President Mark H. Fuller said, "DePaul is pleased to be a community partner in meeting the need for quality affordable housing options in Perry and throughout New York State. We are proud to be an integral part of the revitalization of the long-vacant Perry Knitting Mill, an example of progress and partnership in action."
DePaul is recognized for proficiency and expertise in utilizing highly complex capital structures to develop affordable housing for their clients and the communities they serve. They have completed and manage 12 projects comprising 800 units throughout Upstate NY, many of which involved the complex renovation of historic buildings, such as the Perry Knitting Mill.
LECESSE Construction, an innovative construction management firm based in Rochester, will serve as General Contractor for the project. LECESSE is a nationally recognized leader in the senior housing market and also specializes in affordable and multi-family housing, healthcare and higher education.
About Five Star Bank and Financial Institutions, Inc.
Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities, and businesses through a network of more than 50 offices throughout Western and Central New York State. Additional Five Star Bank information is available at www.five-starbank.com, on Twitter, and on Facebook.
Five Star Bank, Scott Danahy Naylon, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”) are subsidiaries of Financial Institutions, Inc. SDN provides a broad range of insurance services to personal and business clients across 45 states. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 700 individuals. Financial Institutions, Inc. stock is listed on the NASDAQ Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com.
About DePaul Properties, Inc.
DePaul, a progressive, private not-for-profit organization founded in 1958, is committed to providing quality services including assisted living services for seniors; residential and support services to persons with mental illness in recovery, some of whom have a history of homelessness; addiction prevention and support services, vocational programs and affordable housing.
DePaul assists individuals in achieving their optimum level of independence and success in the environment of their choice, while remaining sensitive to assessed community needs and available resources.
Contact: Shelly J. Doran (585) 627-1362 or sjdoran@five-starbank.com