Feature Debt

CDT: A National Resource


Summerfield Townhouses
East Hartford, Connecticut

Investment Description

Summerfield Townhouses is a 396-unit apartment community within a five-minute drive of Hartford. Seventy percent of the units are covered by a Section 8 Housing Assistance Payments (HAP) contract, while the remaining units are also affordable under an ELIHPA Regulatory Agreement. The property was originally financed by a HUD Section 236 loan as well as a HUD 241(f) second mortgage.

Transaction Highlights

CDT invested $2.1 million to purchase an 80% limited partnership interest in the property in 2001. Working with its partner, HallKeen Management, CDT obtained a new first mortgage through the HUD 227(a) program and assumed the existing 241(f) second mortgage. The $1.35 million rehabilitation program transformed the aging complex into an attractive and vibrant community that offers a full schedule of social service programs to its low- and moderate-income residents. In 2013, CDT refinanced Summerfield Townhouses with a Freddie Mac loan originated by Holliday Fenoglio Fowler (HFF).