NEWINGTON, CONN. — Northmarq has secured $37.5 million in construction financing for the development of The Pike in Newington, a southwest suburb of Hartford. The developer broke ground at the end of 2022. The project completion date was not disclosed.
The capital stack included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85 percent loan-to-cost. Financing was secured by Brad Burns, Brandon Harrington, Tyler Woodard, and Chris McCook of Northmarq’s Debt and Equity team. The project is being developed by Florida-based Smith & Henzy.
Planned amenities include a fitness center and outdoor recreation area. The future project consists of approximately 65 one-bedroom, and 86 two-bedroom units across the two buildings. Ten percent of the units are designated as workforce/affordable housing and limited to rents at 80 percent of area median income.