Progress Capital Arranges $7M Construction Financing For Multifamily Conversion In New Haven

Progress Capital arranged construction financing for the conversion and expansion of an existing office property located at 98 Olive Street in New Haven, CT. The property will be transformed into 31 Multifamily rental units with retail space on the ground floor. The loan was secured from Bankwell for a total amount of $7,000,000. The loan terms include 75% loan-to-cost (LTC), a fixed interest rate of 4.125% for 5 years, and a 2-year interest-only period for the construction phase.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,000,000
• Address: 98 Olive Street, New Haven, CT
• Market: New Haven, CT

Abe Mann and Evan Boles of Progress Capital served as brokers for the transaction on behalf of the borrower, Avi Meer - Urban Haven Corp. This is the third loan arranged by Progress Capital between Avi Meer and Bankwell in the past 9 months. For all your commercial real estate financing needs, you can contact Abe Mann at 917-574-3810 or [email protected], and Evan Boles at 732-539-5461 or [email protected].