M&T RCC Closes on Bridge Loan for New Haven Apartments
M&T Realty Capital Corporation closed on a $31.9-million bridge loan for Estelle New Haven, a newly constructed 96-unit Class A multifamily community located at 19 Elm St. in downtown New Haven, CT. The financing will support the property’s continued lease-up and stabilization while refinancing existing construction debt.
Developed by Eight West, an affiliate of The Hakimian Organization, Estelle New Haven is a seven-story mixed-use development featuring 96 residential units and approximately 1,500 square feet of ground-floor retail space. It’s located near Yale University and New Haven’s transit network.
“Estelle reflects our long-term commitment to creating high-quality multifamily communities that contribute to the growth and vitality of the neighborhoods in which we invest,” said Jay Hakimian, principal of Eight West. “We are grateful for M&T RCC’s support throughout the process and proud to deliver a community that will provide residents with an exceptional living experience while contributing to the continued revitalization of downtown New Haven.”
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout