Conifer secures $10 million construction loan for Saratoga County apartment project

Robin K. Cooper, Reporter
Albany Business Review

“Conifer Realty has secured a $10 million construction loan from TD Bank for a 140-unit apartment project in Ballston, New York.

The Rochester apartment management company plans to start construction of its Blue Heron Trail development on Route 67 during the first or second quarter of this year, said Gerry Magoolaghan, a real estate agent with Continuum Commercial Realty, who has worked with Conifer for the last three years.

The project will be located on Route 67 near East Line Road on a 17-acre parcel that Conifer bought from developer Hal Schultz. Conifer paid $2.47 million for the property in a deal that closed July 1.

Conifer has partnered on the Blue Heron development with Rochester builder LeChase Construction, the project’s general contractor. Since 1975, Conifer has developed more than 220 apartment communities in New York, New Jersey, Maryland and Pennsylvania.

The company is also close to an agreement to purchase 16 acres on Route 9 in Malta, just a few miles east of the Ballston project.

The Route 9 and Route 67 corridors running between Ballston and Malta have generated a lot of attention from investors over the past few years. More projects are expected to emerge in the near future since Malta town leaders voted in October to rezone a section of Route 67 that runs from the Ballston town line into the center of Malta.

Conifer’s Blue Heron project will include what the company describes as “workforce housing.”

The company builds apartments that seek to attract tenants who earn less than $60,000 a year. Rents for many of the apartments are expected to run between $700 and $1,100 a month.”