This recurring borrower originally purchased the lot with a small office building on it, the structure had to be demolished, and our borrowers had to work with the city to get permits and approved plans for the new multifamily structure they were planning on. Our borrowers are experienced operators that have completed similar ground-up projects in the same area with success. Elizabeth’s planning board granted unanimous site plan approval to redevelop the land. We evaluated the business plan and approved the loan with conservative terms.