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November 16, 2022 REAL ESTATE

Chapel Street Lofts sold, gets million in loans

Photo | Contributed Chapel Street Lofts

A multi-family New Haven property that was recently sold has received millions in loans from a financing capital corporation.

Chapel Street Lofts, a 36,000-square-foot, four-story multifamily property with 23 apartments at 441 Chapel St., in New Haven, was sold on Oct. 25 for $5.2 million by 441 Chapel Associates and principal Joseph Cohen.

The buyer is New Haven-based Wooster Lofts, LLC, and principal Yoon Lee.

Marcus & Millichap Capital Corporation arranged a $3.64 million loan for the property, which has an appraised value of $3.15 million.

The financing was secured by Robert Noeldechen, first vice president, capital markets, based out of the MMCC New Haven office.

“Our team was able to close in only 45 days of being retained, successfully securing very favorable loan terms in an otherwise fickle market,” Noeldechen said.

MMCC is a provider of commercial real estate capital markets financing solutions.

The team secured a 65% LTV loan on a 10-year term and a 30-year amortization plus 24-month interest-only at 6% interest rate, MMCC said.

Built in 1900, Chapel Street Lofts is an adaptive re-use property that has been converted to multifamily.

Originally, the building was constructed for light industrial uses.

The loft-style apartments feature hardwood floors, exposed brick and individual laundry hookups. The property is located within walking distance of Wooster Square Park and several dining and entertainment options.

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