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People's United Bank: Successfully Funding a Lifesaver

We recently acted as counsel to People’s United Bank, serving as co-lender with Webster Bank, in a more than $42 million commercial mortgage loan transaction for the developer of an entire city block in New Haven, Connecticut.

The loan financed the construction of three buildings for use by Yale-New Haven Hospital in connection with its new Smilow Cancer Hospital project. Consisting of a parking garage, a mixed-use retail/office building and an extended stay residential building, the development is expected to be completed by early 2010.