The state is selling as much as $60.3 million of tax-exempt bonds to finance makeovers of six affordable apartment communities totaling 488 units.
About half the bonds, or $30.2 million, will be directly placed with Bank of America, as investor, the quasi-public Connecticut Housing Finance Authority (CHFA) says.
The balance will be sold publicly at a Dec. 1 bond sale to benefit: Billings Forge in Hartford; Old Talcott Mill in Vernon; Charles Street Apartments in Meriden; Frost Homestead in Waterbury; Laurelwood Apartments in Bridgeport; and Trinity Park in Stamford.
J.P. Morgan is the lead underwriter. The bonds are rated AAA/Aaa by S&P and Moody’s respectively, which allows the authority to achieve the lowest cost of funds.
Hawkins, Delafield & Wood LLP, Kutak Rock LLP and Lewis & Munday are co-bond counsel. Underwriters are represented by Tobin, Carberry, O’Malley, Riley & Selinger PC. Lamont Financial Services Corp. is financial advisor to CHFA.
