Abe Mann Secures $5M Loan for 2 Luxurious New Haven Apartment Complexes
Abe Mann of Progress Capital secured $5,000,000 in financing for two multifamily properties located in New Haven, CT.
The first property is known as ‘Westville Arms’ and is located at 58 Fountain Street, New Haven, CT. The 22-unit building sits on a 1.24-acre lot currently consisting of 1- and 2-bedroom units. The owner plans to upgrade the property including adding-on a bedroom to each over-sized unit, resulting in (17) 2-bedrooms and (5) 3-bedrooms.
The second property is located at 90 Bristol Street in the Dixwell neighborhood of New Haven. The building contains 12 units ranging in 2 to 3 bedrooms. All the condos feature a modern chef’s kitchen with hi-end stainless steel appliances and hardwood floors throughout.
The COVID-19 crisis continues to raise a number of unique challenges for the lending environment. Nonetheless, Abe accomplished to close both deals with favorable terms.
Key terms of the loans with Bankwell Bank include:
- 3.65% Fixed for 5 Years
- 30 Year Amortization
New Haven is considered the cultural capital of Connecticut, consistently ranked as one of the best neighborhoods to live in due to its high home values, low crime rates, walkable streets, proximity to downtown, and local amenities. This section is home to an array of festivals, concerts and community events. With such a dense history and a close-knit community, New Haven offers a fascinating blend of architectural styles, ranging from gothic churches to sleek, modern office buildings. New York City is an hour and a half drive away, with a direct train connecting New Haven to Grand Central Station.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple.