Great Barrington — Representatives from The Triplex Cinema signed a new mortgage deal with NBT Bank on Thursday, January 16.
The nonprofit organization operating The Triplex formed in April 2023 to purchase the theater from previous owner Richard Stanley, a South Egremont resident who owned the theater for 28 years.
According to Triplex Cinema Board President Nicki Wilson, Stanley held a five-year mortgage on Triplex’s original purchase price of $1 million. “But due to the mortgage’s short length of time, our annual interest was astronomical, which put our very existence in jeopardy,” Wilson wrote via email to The Berkshire Edge before the mortgage signing. “NBT Bank’s willingness to step in and negotiate with us has been a lifesaver.”
Wilson wrote that The Triplex approached several local banks about obtaining a long-term mortgage. “They all said that we needed to be in business three years before they would consider giving us a mortgage,” Wilson said. “However, NBT Bank, particularly Business Banking Officer Michael Hogan and Vice President and Business Banking Regional Manager Dan Kinney, realized how important the Triplex Cinema is to the community and worked diligently to make this happen.”
While representatives from both The Triplex and NBT Bank would not directly discuss the full financial terms of the mortgage, including the total dollar amount and interest, representatives from The Triplex did state that the mortgage is for a 20-year term as opposed to Stanley’s five-year term. “Obtaining this long-term mortgage eases the burden of having to pay a large amount of money in mortgage payments over the next three years,” Wilson wrote.
“We agreed to this mortgage because we appreciate the [nonprofit] board’s makeup, and we also appreciate the community-oriented direction that The Triplex is heading towards,” said Hogan. “You have a high-quality mission, and this mission is clearly supported by the community.” Hogan added that the new mortgage will drastically improve the organization’s cash flow.
“We are thrilled to be part of The Triplex,” said Kinney. “The creative economy in Berkshire County is really impactful across a lot of different sectors. For us to be involved in community projects such as this one just keeps the continuity of downtown Great Barrington visible and vibrant.”
“The original mortgage caused stress for us,” said Triplex Director of Finance Tina Chase. “We had a very large dollar amount that we had to come up with every July. This new mortgage will help us with our cash flow. It will help us to cover all of our bills in a timely manner.”
Wilson added that, in addition to signing a mortgage with NBT Bank, the bank has agreed to become the organization’s first-ever corporate sponsor. “This long-term mortgage is going to help us when it comes to our survival,” Wilson said. “To us, this bank is our hometown hero.”