Image courtesy of Gill & Gill Architects

A new multifamily project in downtown Norwalk will be able to begin construction thanks to a new, $1 million bridge loan.

The 26-unit building at 9-13 Leonard St. in the city’s downtown will also include ground-floor commercial space.

The $1 million loan from Worth Avenue Capital to local developer John Curran will be used towards the initial stages of construction, the lender said in a statement.

The loan was funded by a syndication of WAC’s individual investors, who were attracted by the high demand for housing from families moving from New York City and into Fairfield County and high interest from potential tenants, the statement added.

The remaining construction funding will be sourced from a “more conventional lender,” WAC said, who will provide both the remaining construction and permanent financing to complete this project. WAC’s bridge loan will be paid off in full upon the closing of the next phase of construction financing within one year or less.