CRDC Provides Financing for Renovation of Pearson's Building in Manchester


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Elm Grove Companies recently completed renovation of a new mixed use building in downtown Manchester. CRDC partnered with Bangor Savings Bank providing financing to Elm Grove Properties for the
Elm Grove Companies recently completed renovation of a new mixed use building in downtown Manchester. CRDC partnered with Bangor Savings Bank providing financing to Elm Grove Properties for the purchase and renovation of 922 Elm Street. Now called Pearson's Place Apartments, Elm Grove created 30 one-bedroom apartments on the upper three floors and kept its street level commercial tenant, Pearson's Jewelry while adding a new restaurant. 
 
Each unit boasts a luxury design with all the modern upscale amenities and features smart device controls, "these apartments are just steps away from everything that downtown Manchester has to offer," said Newton Kershaw III, Owner, Elm Grove Companies. "We had overwhelming interest in The Flats, another upscale, modern apartment building we recently completed, and another project CRDC helped us with. We felt we could do the same upscale, smaller living apartments here which are really designed with millennials in mind." 
 
"Elm Grove Companies and its management team have a shared history of achievement in real estate acquisition, construction and property management," said Jennifer Boulanger, CRDC Loan Officer. "CRDC has assisted Elm Grove Companies with several mixed-use buildings. They are capturing the needs and wants of their tenants, especially with Pearson's Place Apartments." 
 
The apartments are Energy Star rated and were designed to keep the busy Elm Street noise out with spray foam insulation, and triple-pane windows.
 
"We have enjoyed a great working relationship with CRDC," said Kershaw. "They are easy to work with and have great relationships with the community banks that we work with, making the loan process run smoothly."
 
Photo Caption: Stephen Heavener, CRDC Executive Director, Jennifer Boulanger, CRDC Loan Officer with Newton Kershaw III, Owner, Elm Grove Companies stand in front of Pearson's Apartments.
 
 


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