BOSTON — EagleBridge Capital has arranged $13.3 million in construction-to-permanent mortgage financing for The South Hills at Riverview, a 66-unit apartment development currently under construction in Norwich, Connecticut.
The financing was arranged by Ted M. Sidel, founder and principal of EagleBridge Capital. The loan was provided by a leading regional lender, according to the Boston-based commercial real estate finance firm.
Located at 333 Taftville-Occum Road, The South Hills at Riverview will consist of two three-story apartment buildings overlooking the Shetucket River. The development will include 42 one-bedroom and 24 two-bedroom apartments.
Residents will have access to a range of amenities, including a 5,000-square-foot clubhouse and fitness center, an in-ground swimming pool, playground and dog park. Apartment interiors will feature stainless-steel kitchen appliances, granite countertops and wood cabinetry.
The property is located approximately one mile from Exit 18 of Interstate 395, providing connections to Interstate 95 and other regional transportation routes. State Routes 97, 169, 12, 32, 82 and 2 are also located nearby.
The development is positioned near several major employers in the southeastern Connecticut region, including General Dynamics Electric Boat, Mohegan Sun and Pfizer, providing access to major employment centers for prospective residents.
The construction-to-permanent structure of the financing will provide funding for the project’s development while establishing permanent mortgage financing upon completion, according to EagleBridge.
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