WATERBURY, Conn , Sept. 13, 2010 – Webster Bank provided $7.25 million in construction financing for The Franklin and The Eleanor, a $33 million affordable housing project for the elderly, low-income and disabled that was dedicated in a ribbon-cutting ceremony today in Bridgeport, Conn.
The Franklin and The Eleanor was developed by a partnership of t he nonprofit Women's Institute for Housing and Economic Development and the Bridgeport Housing Authority. The Franklin has 48 units for the low-income and disabled and The Eleanor provides 62 units of elderly housing in two distinct facilities co-located in the former Park City Hospital complex.
In addition to providing a construction loan to the project, Webster will also convert $750,000 into a 20-year permanent mortgage. Webster also worked with the developer to secure a $400,000 grant for the project by sponsoring an application to the Federal Home Loan Bank of Boston 's Affordable Housing Program.
“Webster Bank has been incredibly instrumental in making The Franklin and The Eleanor project a reality. They have been with us from the start, from before construction started, as well as throughout the entire construction process. I look forward to a continued relationship with them on future affordable housing developments,” said Loni Willey, Executive Director of the Women's Institute for Housing and Economic Development
M. Susan Elliott, executive vice president and chief business officer of the Federal Home Loan Bank of Boston, said, “We are proud to partner with Webster Bank on this important initiative in Bridgeport. This is the 21 st time that Webster has been awarded funds from our Affordable Housing Program, which is a remarkable achievement and clearly demonstrates their commitment and leadership in affordable housing financing.”
FHLBB members, such as Webster, work with community-based housing developers to obtain FHLB grants and interest-rate subsidies for specific housing initiatives. The 12 FHLBs are government-sponsored enterprises, federally chartered but privately capitalized and independently managed.
“Webster Bank was founded in 1935 during the Great Depression in order to help people of ordinary means build and buy their homes,” said Jeff Klaus, Regional President, Webster Bank. “Our partnerships with groups such as the Women's Institute and our membership in the FHLBB allow us to help provide housing to those in greatest need and fulfill our mission to serve the community.”
Funded by nine federal, state, city and private sources, the renovation is one of the largest development projects in Bridgeport in recent years. The Franklin and The Eleanor both provide on-site supportive services designed to meet the needs of the residents.
“Webster has a long history of working with nonprofits and government agencies to access Federal Home Loan Bank of Boston resources and leverage bank financing for affordable housing,” said Peter Mosbacher, SVP, Community Development Officer, Webster Bank. “Projects like The Franklin and The Eleanor not only provide much-needed housing, they contribute to the economy and help revitalize neighborhoods.”
Robin Gallagher, SVP, Commercial Real Estate Lending, Webster Bank, said, “The key was the collaborative effort of all involved to create flexible and creative solutions for the complex, multi-layered financing required to bring this project to completion.”
With offices in Boston and Middletown , Conn. , the Women's Institute for Housing and Economic Development is a mission-driven developer deeply committed to serving vulnerable populations through a service-enriched housing model - prioritizing the economic stability needs of the adults and children who live in its properties in addition to bricks-and-mortar development of affordable housing units.
About Webster
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 500 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Webster Capital Finance, Inc., an equipment finance company headquartered in Farmington , Conn. , and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Media Contact:
Ed Steadham, 203-578-2287
esteadham@websterbank.com