LEADER BANK FINANCES COMMERCIAL LOAN FOR SALEM WATERFRONT HOTEL, PICKERING WHARF COMPLEX

The Bank refinanced loans for two properties in Salem, Massachusetts

ARLINGTON, Mass., May 6, 2022 /PRNewswire/ -- Leader Bank was proud to recently help the Salem Waterfront Hotel and Pickering Wharf Complex in historic Salem, Massachusetts refinance existing loans to capitalize on Leader Bank's low rates.

The owner of the two properties turned to the Bank's Commercial Lending team to refinance a $16.1 million loan for the 86-room Salem Waterfront Hotel and Suites and a $7.25 million loan for the Pickering Wharf Complex which includes 19 residential units, 30 retail units, and three office tenants.

"It was a pleasure to work with the owners of the Salem Waterfront Hotel and Pickering Wharf Complex find the right solution to refinance their impressive properties," said Sushil Tuli, Chairman & CEO of Leader Bank. "Both the Salem Waterfront Hotel and Pickering Wharf Complex are community staples, and we can't wait to see what they accomplish in the years ahead."

Leader Bank offers innovative products with quick, local decision-making to help our clients find the perfect solution for their business's lending needs. With decades of combined experience, our Commercial Lending team prides itself on building long-lasting relationships with our clients and helping them achieve their business goals. In 2021, our Commercial Lending team's efforts led to Leader Bank being recognized by the U.S. Small Business Administration as the Massachusetts Lender to Retailer of the Year.

ABOUT LEADER BANK

Founded in 2002, Leader Bank is a Massachusetts-based entrepreneurial financial institution that approaches banking differently. The core tenets of Leader Bank include world class client service, exemplary products, and innovation to meet the needs of its clients. At its founding, Leader Bank had $6.5 million in assets ? in the two decades since, the Bank has grown into one of the most successful financial institutions in the Commonwealth with $3.1 billion in assets. Leader Bank's best-in-class team members have been at the forefront of supporting the Bank's rapid growth and client-oriented solutions over the last two decades as the Bank has continued to expand its commercial and retail products and solutions. Leader Bank is a committed corporate citizen and prides itself on partnering with and supporting philanthropic organizations. More information on Leader Bank can be found at www.LeaderBank.com.

SOURCE Leader Bank