Double A Development Partners is pleased to announce the completion of an initial round of funding for its 201 Munson Street project in New Haven, Connecticut. Black Diamond Capital of Denver, CO was instrumental in securing funding from Brookview Financial of Hamden, CT to continue to move the project forward. Additional site work including site clearing, remaining demolition, and site grading are scheduled to begin in the spring of 2018.
Below is a recent Press Release from Brookview Financial regarding the project funding.
For more information about the New Haven Project, Click here.
Brookview Funds $4.5 Million Site Work and Remediation Loan in New Haven, CT
HAMDEN, CT, (March 7, 2018) – Brookview Financial has funded a $4.5 million loan to assist in the repositioning of a vacant 13-acre brownfield site located at 201 Munson Street, New Haven, CT which is targeted for residential redevelopment. This New Haven site, which has been vacant for decades, was sold by Olin Corp. to Double A Development Partners, who is remediating and repurposing the site for residential use.
“This was both a challenging and inspiring deal to fund,” said AJ Funaro, President of Brookview Financial. “The history of the site, the uncertainty of the needed zoning change at time of funding, and the environmental remediation expected, required an open mind and creativity in structuring the loan. But we felt it was the right thing for New Haven and the Newhallville neighborhood, and we had confidence in the owners and the community leaders we met in the process,” Funaro said. “Having a positive social impact is a mission of Brookview, and while we provide value-add financing around the country, it felt particularly good to finance another project in our own backyard.”
“We are excited about the positive impact this project will have,” said Brent Anderson, principal of Double A. “Brookview is great to work with, and we are glad to have their support.”
Brookview Financial is a 26-year-old national private mortgage lender with a particular focus on funding value-add real estate projects for investors, including the acquisition and improvement of residential and commercial properties. We have closed over $1 billion in loan transactions through our portfolio companies, and have helped thousands of real estate entrepreneurs make a better life – for themselves, their families and their communities.
For more information, visit: www.brookviewfinancial.com, or call 203-230-8500.