Danbury luxury residential project lands $24.5 million loan

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.

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.