Pennrose, The Cloud Company Transform Former Manufacturing Site into Mixed-Income Housing in Torrington

Pennrose, The Cloud Company and the City of Torrington, CT have celebrated the opening of Riverfront, a new mixed-income, mixed-use community at the site of the former Torrington Manufacturing Company.

Located along the Naugatuck River in downtown Torrington, the new community offers 60 family apartments, 1,200 square feet of retail space and an extension of the Naugatuck Greenway Trail for the public.

Of the apartments, 45 are available to households earning up to 70%AMI, and the remaining 15 units are unrestricted.

The development’s ground floor retail space is adjacent to the city’s recently completed Franklin Street Plaza improvements and includes outdoor seating for customers on the retail plaza.

“The Riverfront is a prime example of how high-quality, mixed income housing can be an asset when creating vibrant, walkable local neighborhoods,” said Charlie Adams, regional vice president at Pennrose.

Financing for the project included equity from tax credits allocated by the Connecticut Housing Finance Authority and syndicated by Redstone Equity Partners working with JP Morgan Chase, FLEX funds from Connecticut Department of Housing, a construction loan from Citibank, permanent loan from local Torrington Savings Bank, Federal Home Loan Bank of Boston AHP funds, Federal Home Loan Bank of New York AHP funds, Connecticut Urban Act Funds, services funding from Connecticut Department of Development Services, rental subsidies from the Torrington Housing Authority/HUD and Eversource Energy Rebates.