$27M loan for rehabilitation of Meriden’s Yale Acres
The redeveloper of Meriden’s Yale Acres has received a federally backed $26.6 million loan toward rehabilitating it into a 162-unit affordable-housing community.
Rockport Mortgage of Gloucester, Mass., announced Monday it provided partial financing to Yale Acres LLC, which is a nonprofit affiliate of the Meriden Housing Authority.
That, plus proceeds from the sale of low-income housing tax credits and a $5.7 million loan from the Connecticut Department of Housing, will go towards the $53 million, two-year schedule to renovate 155 existing units and build seven new ones.
“Ultimately, the successful redevelopment of Yale Acres will add much needed affordable housing inventory to the Meriden area, nearly doubling the number of currently available units at the property,” said Dan Lyons, manager partner of Rockport Mortgage.
An affiliate of Meriden’s Carabetta Companies is general contractor.
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I've become very leery of these kind of partnerships,they too often never get finished.
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