FARMINGTON, CONN. — Kriss Capital, a New York-based bridge lender, has provided a $32 million construction loan for a project that will convert a vacant hotel in the Hartford suburb of Farmington into a multifamily complex. The redevelopment of the 381-room Hartford Marriott Farmington Hotel will add 225 market-rate apartments to the local supply. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include multiple pools, a fitness center, coworking space and outdoor dining areas. Kriss Capital provided the two-year, floating-rate loan to the borrower and developer, an affiliate of New Jersey-based CSRE Group. The project will be completed in phases, with leasing for the first phase beginning in 2022. The entire project is slated for completion in 2023.
The new apartments at the site of the former Hartford Marriott Farmington Hotel will contain in-unit washers and dryers, new kitchens with stainless steel appliances and granite countertops, as well as bathrooms with integrated bathtub-showers.
Kriss Capital Provides $32M Construction Loan for Multifamily Conversion Project in Farmington, Connecticut
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