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Mortgage company pays $1.7 million for former KeyBank branch in Clarence

A Rochester-based mortgage company that will receive nearly $183,000 in tax breaks to support its move from Amherst to a former bank branch in Clarence has completed its purchase of the new property.

Premium Mortgage on Friday closed on its $1.67 million acquisition of the 1.15-acre property at 4401 Transit Road, near Main Street, from the Benchmark Group, according to a document filed with the Erie County Clerk's Office.

Premium plans to spend $3.2 million in total to purchase and upgrade the former KeyBank branch and to move its employees from leased space at 2150 Wehrle Drive, about 2 miles away. Work should begin Monday and take five months, said Premium CEO Mike Donoghue.

Clarence IDA OKs nearly $183,000 in tax breaks for mortgage company

The company has 50 employees in Amherst and pledges to add up to 20 more within 18 months after its move. The Clarence Industrial Development Agency granted incentives for the project in May.

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