LOUDONVILLE, NY - Crisafulli Associates, LLC has broken ground on it’s newest residential community, The Montage at 28 Everett Road Extension in Colonie, NY (Albany MSA). The three-story building will house 114 studio, one bedroom and two-bedroom apartments and will be restricted to residents 55 years and older.
The highly amenitized community, which is expected to open in Fall 2023, is being constructed on a ten-acre park like setting that borders the Sand Creek in the center of Albany’s Capital Region. All of the apartments will be available for rent and will seek to fill a much-needed void in the area of quality senior housing without the expensive buy in fees.
The community will feature detached garages, landscaped courtyard with outdoor swimming pool, two BBQ’s, gas firepit, gazebo, fenced dog park, walking trail, community gardens, EV charging stations, fitness studio with guided classes, gym, movie theatre, indoor storage units, private dining room, complimentary coffee and pastries, staff organized activities, billiards lounge, multiple community gathering rooms, community wifi and full-time office and maintenance staff. In unit amenities include quartz countertops, stainless steel appliances, washers and dryers, walk in closets/laundry rooms, covered porches/balconies, adaptable showers and bathtubs, luxury vinyl flooring and 9’ ceilings.
Civil engineering services were provided by Hershberg and Hershberg and architectural services were provided by Hariss A. Sanders Architects both of Albany, NY.
A $22 million construction loan was provided by Capital Bank of Albany, NY led by bank President Daniel Fariello. Sales and mortgage tax relief were provided by the Town of Colonie IDA.
“Despite a multitude of headwinds including the Covid-19 pandemic during the approval process and the proceeding rapid rise in construction costs, this project moved forward because we believe there is strong demand for quality senior housing in the Capital Region. We believe the market is in need of a modern community tailored towards today’s seniors and the active the lifestyle that they want to live. We are thankful to the Town of Colonie IDA for providing development cost relief and to Capital Bank for structuring a loan that helped move the project forward. We have been pleasantly surprised by the high level of interest we have seen so far and very much look forward to bringing this community to market” - Michael J. Crisafulli
Crisafulli Associates will also serve as general contractor for the project and upon completion will manage the property.
About Crisafulli Associates: Crisafulli Associates is a full-service real estate development, construction, property management and commercial brokerage firm based in Loudonville, NY (Albany MSA). Crisafulli Associates has developed office, medical office, industrial, for sale residential and luxury multifamily rental properties in New York’s Capital Region. In recent years, Crisafulli Associates developed and built The Residences at the Crossings a luxury apartment community on the Crossings Park in Colonie, NY.