Affordable housing first wins $25M building loan.Citibank's Community Development Group, a unit of Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. , will provide a $25M construction loan to build Mill River House. Integrated into the 92-unit luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. complex, located at 35 West Broad Street at the corner of Hanrahan Street and steps from Mill River Park, are eleven affordable condominiums--the first for-sale affordable units in downtown Stamford Downtown Stamford, Connecticut is an economically thriving section of Stamford, Connecticut with major retail establishments, a shopping mall and the headquarters of major corporations, as well as other retail businesses and offices. , CT. Mill River House is also the first significant private development to be built under Stamford's recently instituted Mill River Corridor Plan and Design District that encourages new development along Mill River. Construction on this project, located on a Brownfield See greenfield. site that was home to an abandoned automobile dealership, began this month and owners will move in by next autumn. Mill River House is a joint venture between Seth G. Weinstein and Paxton and Ray Kinol of Stamford. |
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