Kearny Bank officially closed on a $26 million financing package for Hiawatha Land Development, clearing the path for a new 102-unit apartment building in Guilderland, N.Y. The project marks the second phase of Hamilton Parc, a premier 55+ active adult community in New York’s Capital District.
The $26 million loan will directly fund construction costs for the 108,000-square-foot structure. This expansion follows the successful completion of Phase I in 2024, which introduced 154 units and a comprehensive suite of amenities to the local senior housing market.
Located on a 6.6-acre site, the new three-story building is designed to meet the growing demand for age-restricted housing in the Albany region. Once complete, the second phase will bring the total density of the Hamilton Parc community to 256 units.
Project Specifications:
- Total Units: 102 apartments
- Building Size: 108,000 square feet
- Building Height: Three stories
- Target Completion: Late 2026
For Fairfield-based Kearny Bank, the deal represents a continued push into the New York market. Gary Brozowski, Kearny Bank’s director of Commercial Real Estate Lending, emphasized the bank’s focus on regional development.
“We’re committed to supporting commercial development throughout markets—like Guilderland and all of New York’s Capital District—where we have the privilege of conducting business,” Brozowski stated. “Working with clients like the principals of Hiawatha on this type of project helps strengthen local economies while fostering sustained growth.”
The Guilderland deal is part of a massive surge in commercial real estate (CRE) activity for Kearny Bank. Over the past 24 months, the institution has provided more than $500 million in financing for projects spanning:
- New Jersey and New York
- Connecticut and Pennsylvania
- Delaware and Maryland
This latest $26 million investment reinforces Kearny Bank’s position as a key player in the Mid-Atlantic and Northeast development sectors, particularly in the multi-family and senior living categories.
