State and Chapel
New Haven, CT
United States
To support a major revitalization effort in New Haven, CT, MHIC provided Beacon Communities, the project sponsor, with two acquisition loans totaling $8.8 million to purchase an abandoned building on Chapel Street and a parking lot on State Street. Beacon plans to redevelop these parcels into a mixed-income, mixed-use community. The project aligns with Beacon’s initiative to create and preserve affordable housing and stabilize downtown commercial space in New Haven.
The parcel on State Street will be developed into a 55,600 square foot building consisting of 60 affordable rental apartments and underground parking. The Chapel Street project involves four connected, brick historic buildings located at 742-768 Chapel Street, each varying in size and age. The Chapel Street properties will be redeveloped as a mixed-use, market rate complex, including retail space that is currently occupied.