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CHFA approves forbearance, loan modifications for Cherry Street Lofts in Bridgeport
Summary
CHFA authorized modified financing and a forbearance through Dec. 31, 2026 for Cherry Street Lofts Phase I (157 units) conditioned on at least $1,000,000 partial repayment and continued accrual at not less than 5%; the board approved the resolution by roll call with one abstention.
The Connecticut Housing Finance Authority voted July 23 to approve modified financing terms for Cherry Street Lofts, Phase I, a 157-unit mixed-use development in Bridgeport. The resolution authorizes forbearance from enforcement of Construction Loan remedies through December 31, 2026 provided the Mortgagor makes at least a $1,000,000 partial repayment and the Construction Loan continues to accrue at a rate not less than 5%.
CHFA said the action permits a range of accommodations — including deferred repayment, subordination, standstills and intercreditor arrangements — intended to facilitate partial or full repayment of amounts due and to allow the development additional time to secure funding sources. The motion passed by roll call; Timothy Hodges recorded an abstention.
