Joseph and James DeStefano are community-oriented real estate developers. The brothers co-founded Desco Associates, Inc. in 1981 and are now working to help revitalize Waverly Square in Belmont, Massachusetts.
Desco Associates, Inc. is currently constructing three thoughtfully designed, Class A, mixed-use rental properties. The ground floors will be storefront retail rentals, and the upper levels will be residential apartment homes.
In order to complete this re-development project, Joseph and James connected with Needham Bank’s Stephanie Maiona, EVP – Senior Commercial Lender. They believed Needham Bank had financing expertise in the commercial real estate market and would be a great financing partner. An immediate synergy between the two was realized. A plan was formed and the forward-minded re-development was put under construction.
The DeStefano brothers truly appreciate their relationship with Needham Bank and the incredible service(s) they receive. Joseph and James celebrate that Stephanie took the time to fully understand their proposed vision so Needham Bank could provide the right mix of loan and deposit products to assist in making their dream for Waverly Square a reality. They also value the rapid site inspection process and prompt funds disbursement, knowing that Needham Bank will do everything possible to meet their schedule.
Progress has been very impressive at the Waverly Square site. Two buildings are near completion and the third will be under construction in 2022. As for the future, the DeStefano brothers are looking forward to completing all three of these mixed-use buildings, which they hope will encourage further development and revitalization of Belmont’s retail and residential neighborhoods.