M&T Realty Capital Corp. closes $31.9 million bridge financing for Estelle New Haven

New Haven, CT M&T Realty Capital Corp. (M&T RCC) completed the closing of a $31.9 million bridge loan for Estelle New Haven, a newly constructed 96-unit Class A multifamily community located at 19 Elm St. in downtown. The financing will support the property’s continued lease-up and stabilization while refinancing existing construction debt. 

Developed by Eight West, an affiliate of The Hakimian Organization, Estelle New Haven is a seven-story mixed-use development featuring 96 residential units and 1,500 s/f of ground-floor retail space. Located near from Yale University and the city’s transit network, the property offers a market leading amenity package, including a rooftop terrace, fitness facilities, co-working spaces, private dining areas, a golf simulator and an indoor basketball court. 

“Estelle reflects our long-term commitment to creating high-quality multifamily communities that contribute to the growth and vitality of the neighborhoods in which we invest,” said Jay Hakimian, principal of Eight West. “This project represents a tremendous collaboration among our development, construction, financing, and operating partners. We are grateful for M&T RCC’s support throughout the process and proud to deliver a community that will provide residents with an exceptional living experience while contributing to the continued revitalization of downtown New Haven.”

The M&T RCC bridge loan refinanced the property’s existing construction financing and will provide support through the final stages of stabilization. At closing, the property had reached +50% residential occupancy despite only commencing leasing in July 2026, demonstrating the strong demand for Class A multifamily housing in the downtown market. 

“This transaction represents exactly the type of relationship-driven financing that M&T RCC is built to provide,” said M&T RCC senior vice president Mike Casey, who originated the deal, with support from M&T RCC production analyst Colin Corsini. “Estelle New Haven is a best-in-class asset featuring exceptional architecture and design, developed by an experienced sponsorship group with a proven track record. We were able to deliver a financing solution that gives the borrower flexibility during lease-up while positioning the property for a successful transition to permanent financing. We are excited to support Eight West and look forward to growing our relationship with their team.”

Estelle New Haven continues M&T Bank’s longstanding relationship with The Hakimian Organization, marks the beginning of M&T RCC’s lending relationship with Eight West and further demonstrates M&T’s commitment to financing high-quality multifamily developments across the Northeast. The transaction also strengthens M&T RCC’s presence in Connecticut and supports continued investment in one of the region’s most dynamic urban housing markets.