ALBANY, NY—First Niagara Bank, N.A. has closed a $48 million construction loan to Albany Medical Center, 43 New Scotland Avenue. The loan will finance a new 135,000 square foot medical office building as well as an adjacent parking garage. The project is a key element to the development of the Park South area.

“We are pleased to provide the financing for this important new project that will add to the vitality of the Albany Medical Center,” said Peter Cosgrove, senior director commercial lending and upstate New York regional president. “This is another example of our commitment to providing area businesses with lending solutions that are responsive to their needs and objectives. We are actively looking for opportunities to put our capital to work throughout the capital region."

“The collaboration with community partners like First Niagara has helped fulfill the promise of rejuvenating an area of Albany that had significantly deteriorated over so many years,” said Albany Medical Center president and CEO James Barba. “As the construction moves forward, we look forward to a new vibrancy for the Park South area, and to having hundreds of new residents as our neighbors."