Modern Banking Group (MBG) announced the closing of $3.725 million combined financing on two parking lots located in Buffalo, N.Y. and Richmond, Va. The transaction was led by Steven Caligor, Joe Petrelli, Alex Jeffrey and Kevin Dalton.
The borrower, Douglas Development Corp., plans to utilize the assets to support its development activities in both markets, as the two parking lots are strategically located near sponsor-owned development sites.
“This closing highlights the strength of our deep, long-standing relationship, and we appreciate the continued opportunity to work with Norman and the Jemal family to deliver sophisticated financing solutions that aligns with their investment strategy,” said Steven Caligor, MBG executive vice president and chief lending officer.
“It is a pleasure working with Modern Banking Group,” added Norman Jemal, Senior Managing Principal at Douglas Development. “The team there is adaptable, relationship-driven, and committed to being strong partners in a manner that is mutually beneficial.”
“It is always rewarding to partner with repeat borrowers who trust our team to help execute their vision,” said Joe Petrelli, MBG head of commercial real estate. “We were pleased to support this client into Buffalo and Richmond and look forward to continuing to support their growth as they pursue new opportunities.”
