Northmarq Arranges $37.5M in Financing for Multifamily Project in Newington, Connecticut

by Taylor Williams

NEWINGTON, CONN. — Northmarq has arranged $37.5 million in financing for The Pike, a 151-unit multifamily project in Newington, located in Hartford County. The financing, which represents about 85 percent of the total project cost, consists of a $25 million construction loan from an undisclosed bank and $12.5 million in private equity from an undisclosed partner. The Pike will offer 65 one-bedroom and 86 two-bedroom units, with 10 percent of the residences to be designated as workforce or affordable housing. Amenities will include a fitness center, community room and an outdoor recreation area. The borrower and developer is Florida-based Smith & Henzy. Construction is expected to last about 24 months.

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