X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST HARTFORD, CT-CIG International LLC, has provided the developer of the Promenade at the Reservoir development here with $2 million in mezzanine debt financing. The loan has enabled the Millburn, NJ-based builder to begin the final phase of the 108-unit, four-building active adult community located at the intersection of Cassandra Blvd. and Farmington Ave.

Doug Adams, vice president of CIG International, reports the loan will be used by Pinnacle Communities to provide additional equity for the construction and sale of the two final buildings of the development. One building will feature 36 units, and the second will contain 18 units. Sales for those units have begun with about 12 units already sold. Adams estimates the final phase of the project will cost $9 million to complete.

Units in the larger building will range in size from 1,414 to 2,070 sf, and will have base prices from the mid $200,000s to the mid $300,000s. Those in the smaller building will range in size from 1,429 sf to 1,579 sf, and will have average base prices in the mid $200,000s.

Adams, who works out of CIG’s New York City offices, says the deal marks the firm’s first transaction in the state of Connecticut. “CIG is aggressively pursuing additional opportunities throughout the region to expand its business presence.” He specifically cited intentions to do deals in Westchester, Long Island as well as Connecticut.

CIG is headquartered in Washington, DC and has offices in Chicago, Florida and New York. The firm has provided mezzanine debt to more than 150 residential land development and homebuilding projects since 1987.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.