NORTH HAVEN, CONN. — New York City-based Meridian Capital Group has arranged $39.5 million in development financing for North Haven Commons, a retail project located at the intersection of Interstate 91 and Universal Drive North in North Haven. Terms of the financing include interest-only payments, a LIBOR-based rate and a 24-month term during the construction period. Once the project is completed and stabilized, the borrower, Irvine, Calif.-based Eclipse Development Group, has the option to convert the loan into a 3-year mini-permanent loan. Allan Lieberman and Tal Savariego of Meridian’s New York office originated the financing. Eclipse has selected Connecticut-based Konover Construction Corp. to build the project, which is within Greater New Haven’s regional power center.
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