ConnectOne Bank Leads $29M Loan for Connecticut Apartments Project
By Andrew Coen October 28, 2024 3:31 pm
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O’Neill Group has nabbed $28.75 million of construction financing to build a multifamily development in eastern Connecticut, Commercial Observer has leaned,
ConnectOne Bank supplied a $22.5 million loan for O’Neill Group’s The South Mill Lofts, a 146-unit apartment project in Norwich, Conn. The Connecticut Housing Finance Authority also provided an additional $6.25 million of funding for the development through its Build For CT program.
Located at 607 Norwich Avenue in Northwich’s Taftville section, The South Mill Lofts project is the fourth phase of O’Neill’s redevelopment of the Ponemah Mill Complex the firm acquired in 2008. Property amenities include a lounge, wet bar, fitness center, sauna, game room, theater, library, and outdoor barbeque area.
C.H. Kauffman & Associates owner Chaz Kauffman arranged the transaction.
Kaufman said in a statement that the loan marks the ninth it has facilitated for O’Neil Group, including financing a previous phase of the Ponemah Mill Complex redevelopment.
Officials at ConnectOne Bank, the CHFA and O’Neill Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
