Meridian Secures $4M Loan for CT Community

1 min read

The 40-unit Chapel Street Lofts in New Haven has undergone recent renovations including flooring, kitchen appliances and security system upgrades.

By Beata Lorincz

Chapel Lofts in New Haven, Conn.
Chapel Lofts at 441 Chapel St., New Haven, Conn.

Meridian Capital Group has arranged a $3.7 million refinancing loan for Chapel Street Lofts, a 23-unit multifamily property in New Haven, Conn. The seven-year loan features a floating rate for the first three years and a fixed rate for the remaining five years as well as a 30-year amortization schedule.

This helped the borrower maximize his cash flow for the first two years in order to execute his business plan for the property while fixing payments as the property stabilizes,” said Meridian Associate Avi Gorbacz, in a prepared statement.

Remodeled historic factory

The community is located at 441 Chapel St., within a roughly 30-minute walk of Yale University and less than one mile from Gateway Community College. The property encompasses 42,430 square feet and 40 private parking spaces situated on two gated lots. Apartments offer one- to four-bedroom layouts.

When it was completed, at the beginning of the 19th century, the building functioned as a factory. Recent renovations kept the high ceilings and historic features and added a series of upgrades which include:

  • modern mechanical systems
  • reclaimed hardwood flooring
  • in-unit washers and dryers
  • stainless steel kitchen appliances
  • key fob access, intercom systems on front doors

The New York City Meridian team brokering the deal included, in addition to Gorbacz, Senior Vice President Simon Rosenfeld and Associate Craig Berger. The New York office has also recently facilitated the $26.5 million sale of two seven-story Brooklyn apartment buildings.

Image courtesy of Meridian Capital Group

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