The year 2008 was not a great time to be in the business of restoring and selling luxury homes. The nation’s banking system was in crisis and what became known as the Great Recession was just getting underway.
Pegasus Luxury Homes, an up-and-coming Massachusetts-based development and restoration company, had only been in existence a few short years, but was already making a name for itself. Its team of renowned architects, designers and project managers, many trained at Harvard, were committed to excellence in every aspect of their work.
And it showed. Their heritage building restorations, in particular, were admired for their craftsmanship and attention to detail. Of course such high-quality work costs money. Development, including restoration, requires financing.
According to Pegasus Luxury Homes CEO Koby Kempel, this is where Needham Bank came into the picture. “I had a chance to meet with Jack McGeorge, who was Needham Bank’s President at the time,” recalls Kempel.
“I shared all of our project data and he saw the value in what we were doing and that was the beginning of a long-standing relationship.”
McGeorge agreed with Kempel that the Boston-area economy was likely to fare better than other regions of the country, due in part to the many schools, hospitals and medical research facilities clustered in the region.
This proved to be the case – and Pegasus not only rode out the Recession, but flourished.
Operating in the premier neighborhoods on Boston’s periphery, the firm has constructed and restored over 40 luxury homes according to stringent district preservation guidelines.
As a result, the company has earned a stellar reputation with municipalities, suppliers and satisfied homeowners alike – and a slew of awards, including Preservation Awards from Cambridge and Brookline. Their work has also been featured in the Wall Street Journal.
Through it all, Needham Bank has been there.
“They’re a wonderful bank to work with,” says Kempel. “They don’t just look at the bottom line; they create a relationship long-term. And their customer service is not just a slogan – it is something they deliver. We couldn’t be happier.”
“They’re a wonderful bank to work with.”