Home Banking & Finance Danbury luxury residential project lands $24.5 million loan

Danbury luxury residential project lands $24.5 million loan

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The development of a six-story, 145 multiresidential-unit building in Danbury has received a financial shot in the arm, with M&T Bank providing a $24.5 million construction loan to a joint venture between BRT General Corp. and DiMarco Group.

A rendering of Brookview Commons in Danbury, courtesy seventy2architects.

The funding will help complete the second phase of the apartment complex, Brookview Commons, which is being built on a 3.3-acre lot at 333 Main St. that was formerly home to the offices of The News-Times, Hearst Connecticut Media’s Danbury newspaper.

The development will have a fitness center, an outdoor pool on the second floor that overlooks Main Street and a walking bridge connecting Phase 2 to Phase 1, a 115-unit property at 30 Crosby St. that opened in 2007.

Phase 2 will consist of 18 studio apartments; 80 one-bedroom units; and 47 two-bedroom apartments.

“BRT and the DiMarco Group have a solid history of collaborating on other large scale multiresidential assets in the state,” said HKS Real Estate Advisors’ John Harrington, who negotiated the loan. “Considering the strength, reputation and the experience of the borrowers, M&T Bank was very confident in the people standing behind the project. They extended a very favorable, competitive and well-structured loan for the demolition and site prep scheduling, and they are looking forward to building the relationship.

“The driving force for getting this closed was a collective decision from both M&T Bank and the developers, who were equally confident and in agreement that the project was more than sustainable during the days ahead,” added Harrington, in reference to the COVID-19 pandemic.

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