Cronheim Mortgage arranged 10-year financing with 3 years of interest only for 23 luxury lofts located at 250 Green Street in New Haven, CT. Dev Morris, Andrew Stewart, and Allison Villamagna represented the borrower in the $6.8MM financing which was placed with a national lender.
The subject property consists of 3 former St Michael’s buildings: One former convent and two former school buildings. The property was granted an approval from the City of New Haven to be split off from the adjacent Church, which is still active, and was converted into 23 luxury apartments with 23 off-street parking spaces. The Subject features spacious one- and two-bedroom layouts with unique attributes ranging from laddered library lofts to high ceilings. The property is a short walk to the State Street and Union train stations, shopping, and dining options including Frank Pepe Pizzeria and many other Wooster Street restaurants and cafes.
Renovations commenced in January 2020 and the property stabilized quickly upon completion in early 2021. This project is just one of many Wooster Square area redevelopments that are part of the New Haven renaissance. Although Yale is still an anchor for New Haven employment, there are many new jobs being created there in a variety of fields.