CHFA modifies Cherry Street Lofts financing terms | Connecticut Department of Housing | RAILROAD AVENUE LOFTS LLC

Scope & details

The full contract record, as filed.

Contract amount

$22,500,000 construction mortgage loan; $12,500,000 permanent mortgage loan; $5,000,000 FAF mortgage loan

Contract type

FINANCIAL_SERVICES

Contract term

Construction Loan maturity extended to no later than April 15, 2022; Permanent Loan interest-only period extended to no later than April 15, 2022; FAF Loan repayment tied to 75% of surplus cash annually beginning 12 months after Take-Out Loan maturity

Renewal date

2022-04-15

Renewal

Multiple prior amendments (2016, 2019, 2020) preceded this modification; current resolution allows extensions of closing beyond April 15, 2022 for good cause with payment of extension or other fees and CEO authorization.

Document type

Minutes

Source document

ct-housing-finance-authority-board-minutes-bond-underwriters-cherry-street-lofts-oct-28-2021_106.pdf

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Connecticut Housing Finance Authority Minutes Board of Directors Meeting No. 644 2026-07-23

AMENDED

Connecticut Department of Housing, Connecticut$22,500,000 construction loan; $12,500,000 permanent loan; $5,000,000 FAF loan; at least $1,000,000 partial repayment/paydown requiredJul 23, 2026

connecticut-housing-finance-authority-minutes-150m-mortgage-bonds-mobile-home-loan-housing-forbearance-nov-19-2020_723.pdf

AMENDED

Connecticut Department of Housing, Connecticut$22,500,000 construction loan; $12,500,000 permanent loan; $5,000,000 FAF loanNov 19, 2020

connecticut-housing-finance-authority-public-notice-october-15-2020_687.pdf

PENDING

Connecticut Department of Housing, Connecticut$44,700,000 (maximum principal amount of mortgage loans for development)Oct 15, 2020

connecticut-housing-finance-authority-board-minutes-november-21-2019_1d6.pdf

AMENDED

Connecticut Department of Housing, Connecticut$22,500,000 construction loan; $12,500,000 permanent loan; $733,125 transfer from working capital reserve to interest escrowNov 21, 2019

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Connecticut Department of Housing?

Railroad Avenue Lofts Llc was awarded this financial services contract by Connecticut Department of Housing, as recorded on October 28, 2021. The contract value is $22,500,000 construction mortgage loan; $12,500,000 permanent mortgage loan; $5,000,000 FAF mortgage loan.

How much is the Railroad Avenue Lofts Llc contract with Connecticut Department of Housing worth?

The Railroad Avenue Lofts Llc contract with Connecticut Department of Housing is valued at $22,500,000 construction mortgage loan; $12,500,000 permanent mortgage loan; $5,000,000 FAF mortgage loan, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in ct-housing-finance-authority-board-minutes-bond-underwriters-cherry-street-lofts-oct-28-2021_106.pdf (Minutes), dated October 28, 2021 from Connecticut Department of Housing. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Railroad Avenue Lofts Llc hold?

Railroad Avenue Lofts Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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