The credit line extended by Cambridge Savings Bank is $60m. FBCH is an affiliate of The Grossman Companies and provides private loans to builders, developers and real estate investors in New England.
David Grossman, president at FBCH, commented: “For years, Cambridge Savings Bank has been a trusted partner as we have elevated our brand and grown our footprint in the Boston market.
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“The increase of our line of credit with CSB coincides with a follow-on equity raise which brings our committed equity capital base to approximately $180m”, Grossman added. “As a result, we will continue to operate our business with extremely low leverage and have significant ‘dry powder’ that will enable us to prudently grow our loan book at a time when conventional lenders are feeling capital constraints.”
Cambridge Savings Bank is a full-service banking institution with over $6bn in assets.
In July 2021, it unveiled its digital-only division called Ivy Bank. The digital bank offers user-friendly digital experience and personalised service, in addition to high-interest rate products.
Its Senior Corporate Banking Loan Officer, Brian Annese, welcomed the announcement.
“With more than 40 years of strong financial performance and a proven track record of success, First Boston Construction Holdings is an ideal customer for the bank to partner with”, Annese said. “The biggest issue in the private lending industry today is liquidity. FBCH is extremely well capitalized, which gives them a strong competitive advantage. It is exciting to be the financial partner of choice for the company as they work toward a future of continued growth and positive impact on the real estate market in Massachusetts and New England.”
