Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, announced that its Corporate Banking team has provided Fair Haven Community Health Care (Fair Haven CHC) with a combined $26.1 million in loans to support its expansion. CSB has extended a $20 million, three-year bridge loan and $6.1 million, 10-year construction-to permanent loan. Based in New Haven, Connecticut, Fair Haven CHC provides low-income families with accessible, high-quality medical and dental care, regardless of their ability to pay.
With 20 locations including 12 satellite centers at local greater New Haven schools, Fair Haven CHC currently serves over 34,000 patients across a wide range of primary and specialty care services. The organization is committed to expanding healthcare access for their communities, with a particular focus on supporting individuals facing economic challenges. This lending package will be used to renovate an existing facility and build a new comprehensive health clinic, thus enabling Fair Haven CHC to service an additional 20,000 annual visits and increasing its capacity by 45 percent.
“We are committed to partnering with organizations that employ a similar ethos and can operate as an extension of our team,” said Dr. Suzanne Lagarde, CEO at Fair Haven Community Health Care. “Cambridge Savings Bank's community-focused approach and clear understanding of our mission have made the bank an invaluable ally in our expansion efforts. We are thankful for their expertise, guidance, and passion, which have allowed us to broaden our reach and provide premium healthcare to those who need it the most.”
Fair Haven CHC was established in 1971 under the leadership of the Alliance for Latin American Progress, a local advocacy group. Recent lending from CSB marks the first major capital expansion in the health center's 53-year history. Set to open in spring of 2025, the new facility will enable Fair Haven CHC to offer enhanced services with 26 exam rooms dedicated to medical, behavioral health, and substance misuse care. The new building will also house a pharmacy and meeting spaces to support a variety of community needs. In addition to its primary care, behavioral health, women’s health, pediatrics, vision and dental services, Fair Haven CHC will also continue to offer its evidence-based programs to educate patients on pursuing healthy lifestyle choices.
Beyond the support it will offer new and existing patients, Fair Haven CHC’s expansion will also create community-based jobs in the Greater New Haven area. Fair Haven CHC has plans to open more local school-based health centers, participate in initiatives that will foster affordable housing opportunities, and improve infrastructure in the surrounding communities.
“We admire Fair Haven CHC’s continued efforts to reduce health disparities that arise from economic inequalities. Acting as a model for federally qualified community health centers, they have earned support from well-respected community organizations including Yale University,” said Barbara Crystal, Senior Vice President at Cambridge Savings Bank. “It is so rewarding to work with such a reputable and dedicated organization that fearlessly advocates and offers resources to those who need it the most in its local communities. We are confident that Fair Haven CHC will maximize the value of this financing to enhance the overall quality of healthcare in the greater New Haven area.”
CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management and Trade Services. With customized solutions for every business, CSB takes great pride in providing companies with the tools they need to grow.
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.