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Mortgage Committee recommends $24.4 million financing package for Farmington project
Summary
The CHFA Mortgage Committee unanimously recommended that the Board consider a construction-to-permanent loan package totaling up to $24.4 million for 1600 New Britain Avenue in Farmington, including $23.4 million in taxable bond proceeds and a $1.0 million Opportunity Fund mortgage.
The Connecticut Housing Finance Authority Mortgage Committee on July 23 recommended that the CHFA Board consider a financing package for a proposed project at 1600 New Britain Avenue in Farmington. Steven Norris, CHFA Development Officer IV, presented a resolution authorizing taxable bond proceeds for a construction-to-permanent first mortgage loan of up to $23,400,000 and a construction-to-permanent mortgage loan of up to $1,000,000 from CHFA's Opportunity Fund.
The recommendation was moved by Gregory Ugalde and seconded by Claudio Gualtieri; the committee voted by roll call and was unanimously in favor of forwarding the resolution to the Board of Directors for consideration. The committee's action was a recommendation only; the Board must approve final bond issuance and loan terms.
The loans described are intended to support the construction and permanent financing phases for the Farmington development. CHFA staff described the package as taxable bond proceeds for the first mortgage with Opportunity Fund support for an additional mortgage, a structure commonly used to blend financing sources for multifamily projects.
Next steps: CHFA staff will prepare materials for the Board of Directors' consideration, where final authorization of bond issuance and loan documents would occur.
