LATHAM, N.Y. – Pioneer Bank has played a key role in the recent refinancing of Century Hill Plaza, a leading office complex in Latham, New York. The Bank of Greene County provided an $18 million loan for the project, with Pioneer Bank participating to support this significant investment in the Capital Region. This collaboration underscores Pioneer Bank’s ongoing commitment to fostering economic growth within the communities it serves and its expertise in commercial real estate financing in locations like Latham.
Robert Agostinoni, Vice President at Bank of Greene County, highlighted the importance of the deal, stating, “Helping First Columbia refinance its Century Hill Plaza enables the Bank of Greene County to make a long-term investment in the success of the Capital Region economy and continue to assist the communities we serve.” Pioneer Bank’s participation further strengthens this investment and demonstrates the collaborative financial landscape of the region.
John Antalek, Chief Lending Officer at Bank of Greene County, also expressed enthusiasm about the partnership. “The Bank of Greene County is excited to partner with First Columbia, one of the Capital Region’s premier sponsors, and we look forward to working with them on other projects in the future,” he commented. This sentiment is echoed by Pioneer Bank, which values collaborations that drive regional development and support key commercial hubs like Latham.
Kevin Prunty, Vice President of Real Estate at First Columbia, attributed Century Hill Plaza’s continued success to the increasing demand for high-quality office spaces. “The park’s strong performance can be attributed to the ‘flight to quality’ that is playing out across the nation for office space,” Prunty explained. “Our tenants are looking for professional buildings with nice fit-ups and good management. Having a centralized location along with amenities are helping companies attract the best talent. This attractive refinancing validates the commitment we have made to the buildings and the growth we’ve seen in the market here.” Pioneer Bank recognizes the value of such well-managed and strategically located properties in its lending portfolio.
Developed by First Columbia in 2000, Century Hill Plaza has consistently attracted high-profile tenants, including Fortune 100 companies and prominent local businesses in both office and medical sectors. The office park boasts an impressive 95 percent long-term occupancy rate, significantly outperforming both suburban office space averages regionally and nationally, which stand at 88 percent and 82 percent respectively. This sustained success is a testament to Century Hill Plaza’s prime location in Latham, one of the fastest-growing areas within the Capital Region, and Pioneer Bank acknowledges the strength of this location in its investment considerations.
Pioneer Bank’s support in the refinancing of Century Hill Plaza reaffirms its dedication to investing in the Capital Region’s economic vitality. By partnering in projects like this, Pioneer Bank not only demonstrates its financial strength but also its commitment to supporting quality commercial real estate developments and the businesses that thrive within them in locations like Latham, New York.
