Cronheim Mortgage has arranged $34.4 million in financing for Buildings 1-5 at Canal Crossing at Whitneyville West, a seven-building, 393-unit multifamily community when complete, situated on over 16 acres in Hamden, New Haven County, CT.
The loan was structured in two phases of $19.9 million for Phase I and $14.5 million and Phase II, both with a 20-year term and three years of interest-only payments followed by a 30-year amortization.
The loans were both placed with one of Cronheim’s correspondent life companies for whom Cronheim acts as servicing agent.
Canal Crossing at Whitneyville West is being developed in multiple phases. Phase I, totaling 165 units, includes Buildings 1 through 3 and was completed in early 2018. Phase II encompasses 120 units in Buildings 4 and 5 which were delivered in December 2018 and August 2019, respectively.
Despite the fact that Building 5 was delivered post-closing, Cronheim was able to lock the interest rate and fund the permanent mortgage several months prior. Building 4 is fully leased and Building 5 is close to stabilization.
The property is situated in an established, in-fill location with a minimal amount of developable land. It is the only new market-rate multifamily development in the area since 2000.