MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a conversion project in Meriden, located about halfway between New Haven and Hartford. The sponsor, Trinity Financial, will use the funds to redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into a mixed-income community.
The historic building is located at 85 Tremont St. and was originally constructed in 1887. Once converted, the property will comprise 82 apartments. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Planned amenities include a fitness center, community room and a children’s play area.
KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package. Trinity Financial secured another $27 million in equity financing from a multitude of different sources. A construction timeline was not disclosed.