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Kriss Capital Delivers $32M Loan to Convert CT Marriott into Apartments
Kriss Capital has originated a $32-million construction loan to finance the conversion of a vacant 381-key hotel located in Farmington, CT, into a 225-unit market-rate apartment community.
The two-year, floating-rate loan was provided to an affiliate of CSRE Group. Meridian Capital Group’s Tom Wayda and Russ Drebin arranged the financing.
The loan will transform the former Hartford Marriott Farmington hotel into a multifamily community containing a mix of studios, one-,two- and three-bedroom apartments. The property is located about 10 miles southwest of Hartford and near the University of Connecticut-affiliated UConn Health Center, Raytheon Technologies, Otis Elevator, Carrier Corp. and ConnectiCare.
“We expect this newly-renovated property will attract significant attention and demand, given there has been virtually no new housing stock delivered in Farmington within the past few years and there is no multifamily product currently under construction or in the development pipeline, said Kriss Capital founder Jody Kriss.
- ◦Development
- ◦Financing
