New York & Tri-State + Fairfield/Westchester + Finance | April 28, 2020

HKS Arranges Construction Loan on Danbury Multifamily

HKS Real Estate Advisors arranged a $24.5-million construction loan with M&T Bank for the development of Brookview Commons Phase II, a six-story, 140-unit multifamily building in Danbury, CT. The property will be built on the site of the Hearst Connecticut Media office building, across from phase one of the team’s Brookview Commons project.

The borrowers represent a partnership between two well-established development companies – BRT General Corporation and The DiMarco Group. The financing from M&T is a two-year, full recourse loan.

According to HKS’ John Harrington, who has facilitated other transactions for these developers on similar-sized projects, the COVID pandemic was cause for concern. “The driving force for getting this closed was a collective decision from both M&T Bank and the developers, who were equally confident and in agreement that the project was more than sustainable during the days ahead,” said Harrington.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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