First GREEN Bank, a local bank with a global mission, today announces a $9 million loan contribution to Diversified Companies, a full service real estate development company. The loan helps fund the nine-month construction process for City Gate Self-Storage facility, developed by Diversified Realty Development Co., in Naples, Florida. The facility will be managed and leased by CubeSmart, the fourth largest owner and operator of self-storage facilities in the United States.
“It is our pleasure to assist the local community through a variety of business and commercial loans that turn local businesses' visions into reality,” said Keith Costello, CEO of First GREEN Bank. “Earlier this year, First GREEN Bank entered the South Florida market by opening a Fort Lauderdale bank. We are proud to extend our services into this new area to help businesses like Diversified Companies build a better community.”
First GREEN Bank approved the $9 million loan earlier this month and construction of the City Gate Self-Storage facility is now underway at 3803 White Lake Blvd., Naples, Fla. 34117. The facility's blueprint includes 130,000 square feet and 1,000 climate-controlled units for storage rental, which is expected to open to consumers in the summer of 2017.
“This loan gives us the chance to open a new storage facility and generate new opportunities in the Naples area,” said John Brennan, Vice President of Diversified Companies. “As a managing member of City Gate Self-Storage, we noticed a lack of storage options in the Naples area and wanted to tap into this underserved market. We are grateful that First GREEN Bank was able to streamline the financing process for us, allowing us to start construction right away.”
First GREEN Bank's commercial loans department includes 11 dedicated team members and offers a range of customized services and financing options. As part of the bank's mission to promote sustainability, reduced financing is available on commercial real estate loans that use solar panels or that meet environmentally-friendly LEED certification.
