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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.

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