Wells Fargo backs development of Connecticut apartments

Wells Fargo has provided a $36.5m construction loan to Connecticut-based Lexington Partners for the development of Flanagan’s Landing, a 250-unit multifamily apartment community in Glastonbury, Connecticut.

The construction loan carries a three-year term with an additional five-year mini-perm feature, according to CBRE, which arranged the financing.

The financing also includes around $14m of equity invested by a joint venture between Lexington Partners and an undisclosed private equity firm.

Developer Martin Kenny, who heads Lexington Partners, bought the 31-acre complex at 911 New London Turnpike from Flanagan Industries for $3.6m in August and has planned developments with an estimated $50m cost.

Construction will commence next week, a CBRE spokesperson told Real Estate Capital.

Plans call for the construction of seven rental apartment buildings, one of which will be a four-story renovated building converted from two old Glastonbury mills. The rest will rise three stories.

The complex will feature garages, an electric car charging station, fitness center, billiards lounge and a heated in-ground salt water pool. The developers also plan a restaurant with an outdoor patio and rooftop wine terrace overlooking a waterfall and Roser’s Pond.

Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn from CBRE arranged the financing.