O'Neill Group Secures $22.5 Million Loan From ConnectOne Bank For South Mill Lofts Development

The property asset involved in the transaction is a multifamily development known as The South Mill Lofts, which is located at 555 Norwich Avenue in Taftville, CT. The asset comprises 146 residential units with a total interior area of 147,665 square feet. The project is currently financed with a loan amount of $22,500,000 from ConnectOne Bank as part of a construction loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $22,500,000
• Lender: ConnectOne Bank
• Landlord: O'Neill Group
• Broker: Chaz Kauffman - C.H. Kauffman & Associates
• Units: 146
• Square Footage: 147,665
• Additional Funding: $6,250,000 from Connecticut Housing Finance Authority (CHFA)

The transaction was facilitated by Chaz Kauffman from C.H. Kauffman & Associates, who secured the financing for the redevelopment of the Ponemah Mill Complex. Moreover, the CHFA funding is part of the Build For CT program, which provides subordinate loans aimed at developing market-rate apartments while ensuring that a minimum of 20% of the units are set aside for middle-income households earning between 60% and 120% of the local area median income.