Updated Oct 14, 2026
GN Construction Secures $6.75M Construction Loan For 51 Unit Multifamily Conversion In Meriden CT
65 Westfield Road
$6,750,000
$225/SF
Building Size
30,000 SF
Asset Type
MultiFamily
Closing
Sep 30, 2026
About this deal
AI
The property involved in this transaction is a multifamily asset located at 65 Westfield Road in Meriden, CT. It encompasses a total square footage of 30,000 and consists of 51 units. This transaction is categorized as a construction loan specifically intended for the conversion of an existing senior housing facility.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $6,750,000
- Market: Meriden, CT
- Loan Type: Construction
- Loan Terms: 77% LTC, 5yr Term, S+250bps, 2yrs IO followed by a 30yr Amort
- Borrower: GN Construction
- Brokers: Sara Frankel & Adrian Edery - Two50 Capital Group
Adrian Edery and Sara Frankel from Two50 Capital Group played a pivotal role in arranging the financing for this project. Their efforts facilitated the conversion of an underused asset into desirable multifamily apartment units in an area characterized by strong rental demand.
On the Map
$6,750,000
$225/SF
MultiFamily
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Players
Meriden MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.35%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93