Trumbull, CT CBRE Capital Markets’ debt & structured finance team has arranged a $39.6 million loan for the construction of Trumbull Loft Apartments.
The CBRE Hartford team of Michael Riccio, Susan Larkin, and Anna Pfau secured the competitively priced, floating rate loan on behalf of the New Jersey-based developer Continental Properties. Financing was provided by Washington Trust Company and Peoples Bank of Holyoke.
“Continental Properties has developed a reputation for building high-quality properties in superb locations – exactly where their tenants want to live. Washington Trust Company and Peoples Bank of Holyoke recognized the quality of the sponsor, location and property and executed this transaction smoothly and efficiently. All parties are excited by this project and we were happy to help bring them together,” said Riccio.
The property will contain two, 202 one and two-bedroom market units in five, 4-story residential buildings and one, 3-story residential building. The property will also include an amenitized 6,400 s/f clubhouse.
Outdoor amenities will include a pool and deck with cabanas, a fire pit, lounge areas and an outdoor pergola. Sustainable features at the property will include electric car-charging stations, Energy Star appliances, controlled irrigation systems, and much more.
The property is situated on an 8.57-acre site and consists of three garden-style, 4-story elevator-served apartment buildings and five free-standing carports with 39 spaces. The property offers community amenities including a fire pit with lounge area, picnic areas with built-in grilling areas and a putting green. One of the buildings is also home to a clubhouse containing a resident lounge with flat screen TV, coffee bar, cyber café, fitness center and an onsite management office.
In addition to being surrounded by first-class amenities, Trumbull Lofts is located just off of Exit 49S of the Merritt Parkway (Rte. 15).
Construction is expected to commence in spring.