Regions Bank Provides $7M Construction Loan For 39-Unit Multifamily Project In New Haven, CT | 58 Fountain Street | Abe Mann | MultiFamily | Loan

Summary

Loan

CONNECTICUT

MultiFamily

45 sqft

The property involved in the transaction is a multifamily asset located at 58 Fountain St in New Haven, CT. It spans approximately 45,000 square feet and consists of 39 units. The transaction took place on 11/29/2022.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $7,000,000
Market: New Haven, CT
Address: 58 Fountain St
Asset Type: Multifamily
Square Footage: 45,000
Units: 39

The broker involved in the deal is Abe Mann from Rosewood Realty Group. The landlord of the property is Avi Meer from Urban Haven Corp. The lender in this transaction is Regions Bank.

The loan obtained for this property is a construction loan with a total amount of $7,000,000. The loan terms include 75% loan-to-cost construction to permanent financing, 24 months interest-only period, a 10-year term, and an earn-out upon stabilization.

Players

All
2

Agents
1
Agencies
1

Abe Mann

Commercial Mortgage Broker

$14.8M Sold

Mann Capital Advisors

Details

Deal Summary

FINANCED

IMAGE: Abe Mann DATE: 11/29/2022 ADDRESS: 58 Fountain St MARKET: New Haven, CT ASSET TYPE: Multifamily ~ SF: 45,000 ~ UNITS: 39 BROKER: Abe Mann (@AbeMann_) - Rosewood Realty Group (@RosewoodRG) LANDLORD: Avi Meer - Urban Haven Corp (@UrbanHavenCorpct) LENDER: Regions Bank (@RegionsBank) LOAN AMOUNT: $7,000,000 LOAN TYPE: Construction LOAN TERMS: 75% LTC Construction to Perm, 24 months IO, 10 Year Term, Earn Out upon Stabilization

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Address58 Fountain Street

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