SUFFIELD, CT – September, 2017
Dakota Partners and Webster Public Finance Corporation are pleased to announce that financing has closed and construction has begun for a new project of affordable housing in Suffield.
Located at 898 East Street South, the development will consist of three three-story garden-style buildings for a combined 36 units that will provide quality workforce housing opportunities for Suffield residents. There will be 27 two-bedroom units and nine 1-bedroom units with spacious floor plans and modern appliances. They will be affordable to a variety of income levels to ensure comfortable housing options for working Connecticut residents and families.
Construction is expected to be completed in one year, with leasing beginning in summer 2018. Onsite property management will be provided by Hallkeen Management.
Funding for the project comes from Webster Public Finance Corporation, a wholly-owned subsidiary of Webster Bank, N.A., with soft loans from the Connecticut Department of Housing through the Competitive Housing Assistance for Multifamily Properties program and a tax credit investment from Alden Capital Partners for the $7.1 million of construction costs.
“We’re pleased to see construction of this project get underway,” said Roberto Arista, co-founder and principal at Dakota Partners, the project’s developer. “We’re proud to provide a community and modern housing opportunities in Suffield that will be affordable for workers.”
“Webster is pleased to play a significant role in this public-private partnership that will provide quality housing opportunities for Suffield residents. We want to congratulate all of our partners for their diligent efforts to make this development a reality,” said Robin Gallagher, senior vice president, commercial real estate, Webster Bank.
The DOH financial contributions are part of a renewed effort by the state of Connecticut to invest in more affordable housing options across the state to improve quality of life for local workers and their families.