Part of Norwich’s long-vacant Ponemah Mill complex will be converted into loft-style apartments now that developer Onekey LLC has closed on the final pieces of its financing package.

The first phase scheduled to begin this month will convert 313,000 square feet in four buildings of the mill complex­­ into 116 apartments, The Day of New London reported.

The financing package includes a $5 million loan from the state Department of Housing. Onekey also received $10 million in federal and state historic tax credits. The Norwich city council last year approved a tax incentive agreement that will phase in new property taxes reflecting the improvements to the property over 15 years.

Hackensack, New Jersey-based Onekey acquired Building 1 in the mill complex in 2007 for $3.3 million. It has invested $11 million on renovations and environmental remediation, according to city officials. In 2012, the state awarded the developers $3 million in gap financing.

Built in 1870, the mill once employed thousands of immigrants in the city’s Taftville section before closing permanently in 1972. It later was used as warehouse space for a furniture company.