Progress Capital Arranges $7 Million Construction Loan for Multifamily Redevelopment Project in Connecticut
Abe Mann and Evan Boles of Progress Capital secured a $7,000,000 construction loan for Avi Meer, principal of Urban Haven Corp. to redevelop the corner property located at 98 Olive Street in New Haven, CT.
The construction financing will be used towards converting and expanding an existing office building into a 31-unit multifamily property, plus a small retail component and covered parking facility on the ground floor. The elevatored building will have high-end studio, one and two-bedroom apartments with condo quality finishes along with a glass atrium.
Abe and Evan secured construction financing with a local Savings Bank at extremely favorable terms. Their banking relationship provided 75% Loan to Cost, at a low rate of 4.125% fixed for 5 years with 2 years Interest Only for the construction duration. This is their third loan arranged between the same borrower and lender in the past 9 months.
The property is situated in Wooster Square, an artsy and energetic neighborhood, complete with a historic district at its heart. The Wooster Square Historic District contains some stunning architecture along a beautiful, cherry-tree-filled park. Many of the elegant homes and brownstone apartment buildings date back to the mid-1800s. It’s also in close proximity to the State Street Commuter Rail, which provides commuters easy access to Hartford or New York.
Progress Capital is a NJ commercial mortgage broker with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we have been providing Honest Advice and Expert Execution in order to help our clients get to the closing table… plain and simple!