News: Financial Digest
Posted: December 16, 2022
Noeldechen of Marcus & Millichap Capital Corp. arranges $3.64 million financing
New Haven, CT Marcus & Millichap Capital Corp. (MMCC) arranged a $3.64 million loan for Chapel Street Lofts, a 36,000 s/f, four-story multifamily property featuring 23 loft-style apartments located at 441 Chapel St.
The financing was secured by Robert Noeldechen, first vice president, capital markets, based out of the MMCC New Haven office.
“Our team was able to close in only 45 days of being retained, successfully securing very favorable loan terms in an otherwise fickle market,” said Noeldechen.
The MMCC team secured a 65% LTV loan on a 10-year term and a 30-year amortization plus 24-month interest-only at 6% interest rate.
Originally constructed in 1900, Chapel Street Lofts is an adaptive re-use property that has been converted to multifamily; the property was originally constructed as a light industrial building. The loft-style apartments feature hardwood floors, exposed brick, and individual laundry.
The property is located within walking distance of Wooster Square Park as well as several dining and entertainment options.
Tags:
Financial Digest
MORE FROM Financial Digest
Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
Quick Hits
Columns and Thought Leadership
Conn. hospitality market: A technical appraisal perspective on market dynamics and valuation challenges (2019-2025)
The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.
Examples of investors who used Kay Properties for legacy and estate planning purposes for rental property/portfolios - by Dwight Kay
Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
