First Niagara Financial Group will provide $12 million in financing through a $7.2 million construction loan and $4.8 million historic tax credit equity investment for Schneider Development's latest residential real estate project, Apartments @ the Hub. Located at 145-149 Swan St. The mixed-use project is the local developer's latest historic renovation in downtown Buffalo.
Apartments @ the Hub will feature 18 one-bedroom and 32 two-bedroom apartments that range in size from 960 to 1,575 square feet, with nine- to 15-foot ceilings. Units will rent for between $1,200 and $2,010 per month. Among the numerous luxury amenities tenants of the bicycle-themed community can enjoy are a rooftop patio, fitness center, gated and garage parking and high-end finishes, including granite countertops, hardwood flooring and stainless steel appliances.
In addition to the 50 apartments, the building includes three commercial tenants: Bike Shop @ The Hub, a retail and full-service bicycle repair shop; the HandleBar, a café and pub; and HUB FIT STUDIO, a bicycle-focused fitness facility.
"We designed The Apartments @ the Hub with an eye towards helping tenants experience all that downtown Buffalo has to offer," said Jake Schneider, president of Schneider Development. "Located at the hub of central business district's transportation network, in proximity of the growing Buffalo Niagara Medical Campus, Larkinville and Canalside, we wanted to partner with a company that shares our passion for historic preservation and the City of Buffalo. We couldn't be more pleased with our decision to work with First Niagara to bring this project to life."
Since 2007, First Niagara has provided more than $125 million in debt financing for projects that preserve historic buildings throughout the Buffalo area - and $31.8 million in historic tax credit equity investments.
"There's a renaissance taking place in Buffalo, and First Niagara couldn't be more proud to help preserve the historic integrity of our headquarters city," said Russ Gentner, First Niagara commercial real estate lending team leader. "We were especially enthused about partnering with Schneider Development on this re-use project, as we've been longtime supporters of both the Larkin District and the BNMC. ... Like Jake and his team, we recognize the importance of creating a downtown where people can work, play and also live."
In addition to financing historic real estate projects in the City of Buffalo, the bank recently announced a $500,000 business development fund to support the start-ups on and around the neighboring BNMC, capping off $4 million of First Niagara investments in the area around the medical campus since 2009.
Founded in 2002, Schneider Development specializes in real estate acquisition, redevelopment and asset management. The company has redeveloped and manages more than 300,000 square feet of multi-family, commercial and retail space in downtown Buffalo, including two other state-of-the-art loft properties - the AC Lofts (136 North Division) and the historic Warehouse Lofts (210 Ellicott St.).
R&P Oak Hill Development served as contractor for the $14 million project, which began in January of 2013. Apartments @ the Hub is currently welcoming its first residential tenants. The Bike Shop @ the Hub and HandleBar also are open.