Image courtesy of Pennrose
A former Torrington factory has been reborn as a 60-unit mixed-income apartment complex overlooking the Naugatuck River.
Gov. Ned Lamont joined the development team of Pennrose and The Cloud Company of Hartford in this week’s ribbon-cutting at Riverfront. The project will reserve 45 units for households earning up to 70 percent of the area median income, along with 15 market-rate units.
Located at 100 Franklin St., the project is a redevelopment of the former Torrington Manufacturing Co. site and includes 1,200 square feet of retail space, a connection to the Naugatuck Greenway and outdoor seating.
Financing for the project included equity from tax credits allocated by the Connecticut Housing Finance Authority and syndicated by Redstone Equity Partners working with JP Morgan Chase, FLEX funds from Connecticut Department of Housing, a construction loan from Citibank, permanent loan from local Torrington Savings Bank, Federal Home Loan Bank affordable housing funds, Connecticut Urban Act Funds, services funding from Connecticut Department of Development Services, rental subsidies from the Torrington Housing Authority/HUD, and Eversource Energy Rebates.
