At a glance
- The plan includes about 2,100 square feet of ground-floor retail.
- The financing stack includes federal and state historic tax credits, funding from the Connecticut Municipal Development Authority and municipal incentives.
- For sponsors weighing similar reuses, a conversion that cannot assemble the credits and state funding leaves more of the cost sitting on the bank loan.
Eastern Bank is providing $16.9 million in construction financing for High Tide Capital LLC's conversion of The Day Building in downtown New London, Conn., into 68 market-rate apartments, Connect CRE reported Oct. 30.
The plan includes about 2,100 square feet of ground-floor retail. The Day Complex comprises four historic buildings next to the Amtrak station, the regional ferry terminal and the new Coast Guard Museum; the Day Building housed The Day newspaper for 140 years. Other loan terms were not disclosed.
The financing stack includes federal and state historic tax credits, funding from the Connecticut Municipal Development Authority and municipal incentives. Approvals behind the credits come from the National Park Service and the State Historic Preservation Office.
For sponsors weighing similar reuses, a conversion that cannot assemble the credits and state funding leaves more of the cost sitting on the bank loan.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections