Danbury, Connecticut-based Bright Ravens Development has closed on a $33.5 million loan to fund the next phase of Brainerd Place, a 14-acre mixed-use property in Portland, Connecticut. New York City-based Kriss Capital provided the loan, and New York City-based HKS Real Estate Advisors arranged the financing.
The upcoming phase, known as Building F, will consist of a four-story, 130-unit residential building with 11,000 square feet of commercial space and over 100 indoor parking spaces, according to project spokesperson Gaby Suarez Walters.
Phase one of the project, which broke ground in summer 2022 according to Walters, will include a 990-unit multifamily building, an amenitized community facility and commercial spaces, including one pre-leased to Starbucks. Completion is expected within the next few months, according to Walters.
Building F will connect seamlessly to phase one, according to Walters. Amenities will include a fitness and recreation center, a pool and an on-site theater.
The property includes the former site of the Elmcrest Psychiatric Hospital, which was demolished shortly before construction began, according to The Middletown Press. Three historic homes have also been incorporated into the property — the Brainerd Building, built in 1855, and the Sage Houses, built in 1884.
The homes are currently being preserved and rehabilitated, and will serve as anchors to the new village green at Brainerd Place, according to Walters. The Brainerd Building is set to be a community center, expected to be completed in three to four months, while one of the two Sage Houses is set to be leased to a restaurant tenant. Future phases are in the works.
The town of Portland, located about 18 miles south of Hartford, Connecticut, has a population of only 10,000, with the majority of its households living in single-family homes, according to Walters.
“There hasn’t been significant new development in Portland for years, making this project a timely and exciting opportunity for growth,” Walters told Multifamily Dive. “Its proximity to Bradley International Airport and regional attractions also enhances its appeal for residents and businesses.”
