Michaels Closes On 11 Crown St
FILED TO: What's New
Connecticut deal will be first to feature 'Passive House' certification
Congratulations to our Vice President, Andy Davenport and all those involved in the recent closing of 11 Crown Street, a brand new rental community being developed at on the site of the former Meriden Record Journal building, in Meriden, Conn.
The new transit-oriented development will offer 81 apartment homes in three buildings, two of which will be garden-style low-rises and the other a mid-rise. The community is being designed to serve Meriden families with a broad mix of incomes, and will include both affordable and market-rate units.
The energy-efficient design of the community, which will be “Passive House,” certified will have a smaller carbon footprint than traditional developments, which should result in lower overall utility bills for the residents. Apartments will be available in one-, two-, and three-bedroom styles. Amenities will include a community center.
Of the 81 apartment homes at 11 Crown Street, 18 will be offered at market rents, while the rest will be reserved for families earning less than 60 percent of the area median income. The affordable units will also include 22 reserved for the formerly homeless. Targeted supportive services for these special needs families, will be provided by the local non-profit organization, Columbia House, and will include health screenings, and financial literacy and children’s programs.
Financing for the $31.5 million development includes $17.6 million in private equity raised from the sale of federal and state low income housing tax credits allocated by the Connecticut Housing Finance Agency, $6 million in Connecticut Department of Housing funding, an $750,000 in affordable housing program funds from the Federal Home Loan Bank of Boston. Webster Bank, which invested in the tax credits, is providing both the construction loan and permanent mortgage financing.
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