The Executive Board and BARC each discussed the progress made on the proposed property purchase by Choice in Middletown, CT. Construction is underway with an expected completion date in late July or early August. The Executive Board gave authority to Executive Director Keith Fiels, and AED Finance Gregory Calloway to proceed with negotiations to secure financing for the property. The expected loan facility will be up to $2.5 million with the purchase price at $1.8 million. Build out costs, furniture and equipment may account for the additional dollars under the facility.
I will share more information with you about the construction completion and the financing as it becomes available.