The project has also been called "Trumbull on the Park" and is being built on at 100 Trumbull St. and nearby Lewis St.

Officials with Metropolitan Funding Corp. of New York City announced the closing of the financing for the Trumbull Centre development. The funding closed through the Federal Housing Administration's (FHA) 220 Urban Renewal program.

Trumbull Centre will consist of 100 rental apartment units, a 603-space parking garage and 6,900 sf of retail space. Also providing financial support for the venture includes the Connecticut Housing Finance Agency (CHFA) and the Capital City Economic Development Authority (CCEDA). The development will feature an 88-unit mid-rise building to be constructed at 100 Trumbull St. across from Bushnell Park and 12 units along nearby Lewis St.

According to David Stein, vice president of Metropolitan Funding Corp., the combination of the $23.2 million first mortgage along with CHFA and CCEDA equity contributions will cover the project's estimated $36 million construction cost. Construction, which could begin by next week, is scheduled to take 22 months to complete, Stein says. The non-recourse fixed rate mortgage of 6.50% will convert into a 40-year self-liquidating loan upon completion.

CHFA and CCEDA will maintain ownership positions in Trumbull Centre, which is being developed by Lexington Partners of Hartford. The general contractor on the venture is Klewin Construction Co. of Norwich.

Commenting on the financing closing, Stein of Metropolitan Funding says, "We are very excited to be a part of this major construction project in downtown Hartford. We think that this project will undoubtedly help contribute to the ongoing revitalization of downtown Hartford."

The Trumbull Centre development is the first of several major housing developments planned for the district that will eventually add 1,000 residential units downtown. Overall, the state and city agencies have a blueprint, called the "Six Pillars of Progress," that calls for $771 million in economic development activity to help turn around the fortunes of downtown Hartford.

R. Bartley Halloran, chairman of CCEDA, notes, "Quality housing is one of the keys to the Hartford revitalization strategy on which we and the City of Hartford are working so closely, and this development is a very exciting step towards that goal. More people living downtown will help us create a true vibrant neighborhood in the central business district."