The Lofts at Ponemah Mills Receives CHFA Loan for Phase Two Construction

Taftville, CT – OneKey, LLC, the construction management team for The Lofts at Ponemah Mills, is pleased to announce that affordable housing funds have been confirmed for Phase 2 of the Ponemah Mills renovation with the receipt of a commitment letter for a construction mortgage loan from the Connecticut Housing Finance Authority (CHFA) on December 12, 2017.
 
Connecticut Department of Housing (DOH) will provide approximately $6.1 million and CHFA will provide roughly $8.6 million in construction financing and $4.16 million in 4% Low Income Housing Tax Credits (LIHTC) net proceeds to assist in the rehabilitation and adaptive re-use of a portion of the historic Ponemah Mills, dating from the 1860s. Located on the banks of the Shetucket River in the history-rich, Taftville section of Norwich, Connecticut, the New Jersey-based developer, OneKey, LLC, has completed the project’s initial, $30 million phase, with additional development of Phase 2 commencing in early Spring of the new year.
 
Of the 121 units in Phase 2, 74 will be affordable units targeted to families with 50% and 60% of area median income and the balance at market rates. It would complete the renovation of the 313,000-square-foot mill building on the north end of the property. The amenities of this project include sauna/steam Room, fitness center, outdoor grilling with fire pit area, community room, game room, theater room, pet area, elevator equipped building with on site management, and laundry in each unit.
 
OneKey has previously invested significant resources to remediate the property, a former brownfield site. Restoration of the Ponemah Mills is a focal point in the City’s revitalization and economic development efforts. They received Certificate of Occupancy for Phase 1’s 116 modern one, two and three-bedroom apartment units in late November. “We have brought online a unique housing solution that pairs history with modern amenities. Every detail has been considered and we look forward to meeting the needs of every generation of residents,” shared Finbar O’Neill, director of operations for OneKey, LLC.  At the completion of the other two phases, 237 apartments will be available.  The developer’s preservation of the Mill’s original structure makes each of these units uniquely stunning and unprecedented in the region.
 
A designated bus stop for Southeast Area Transit is located in front of the site, which is within a half mile of a neighborhood grocery store, bank, post office, and elementary school, and also has easy access to interstate 395. The development is also part of the Shetucket River Greenway, designated in 2012 by the Connecticut Greenways Council.
 
“We have done more in affordable housing over the past several years than Connecticut has in decades, and this is yet another step in that direction,” Governor Malloy said as he announced grants to six projects statewide. “These units will help hundreds of families, support municipalities, attract talented workers, contribute to our economic growth, and create the communities that will be more competitive in today’s business climate.”
 
The city is supporting the development with a 15-year tax abatement through its Mill Building Enhancement Program. In addition to the state financing, the project will receive both federal and state historic tax credits as well as 4% LINTC proceeds.
 
OneKey has hired Konover Residential Corp. to market units available for lease. For more information about the available apartments of Phase 1, contact the leasing office at 860.491.8456 or visit www.ponemahmills.com. The Lofts at Ponemah Mills are financed by CHFA and is an Equal Housing Opportunity.

About the Lofts at Ponemah Mills:
Situated on the banks of the Shetucket River in the Taftville section of Norwich, Connecticut, The Lofts at Ponemah Mills is a renovated industrial mill turned modern two-tower, five-story apartment complex composed of an initial 116 one and two-bedroom units. Further development of the second phase in the spring of 2018 will result in 121 units. A third phase will follow with 77-units, 12 of which are duplex townhouses with river access. Each apartment boasts central heating/AC, in-unit washer/dryer, dishwasher, warm brick accents and the mill’s original soaring wooden ceilings. The Lofts at Ponemah Mills offer amenities including a fitness center complete with sauna and steam room, theater and game rooms, business center, pet area, dog run, courtyard and picnic area, walking trails, outdoor grilling area and fire pit, Mill museum, tower library, on-site management and maintenance, and free parking. Visit ponemahmills.com for floor plans and more information or call 860.491.8456 to arrange a tour. Leasing Office hours are Tuesday through Friday- 8am to 5pm, Saturday by appointment, and closed Sunday and Monday.
 
About OneKey, LLC:
New Jersey-based developer, OneKey, LLC, is a building, construction management and general contracting firm with high-end residential, commercial and mixed-use projects in Connecticut, New York and New Jersey, including One Duchess Avenue in Poughkeepsie, NY, a 300-unit apartment and mixed-use complex boasting a 1,400ft riverwalk on the Hudson River that was once an abandoned 15 acre brownfield site. With corporate headquarters at 241 Hudson Street in Hackensack, OneKey – led by CEO Paula O’Neill – focuses on client services in low-rise, mid-rise and high-rise new construction, interior projects and renovations, all of which require skilled tradespeople and sophisticated management technologies. Whatever the service, OneKey has the skills to provide customers with value-added results and optimum return on investment. For more information, call 201.488.4455 or visit onekeyllc.com.