April 30, 2020
Belfonti Companies has broken ground on a $50-million market-rate, luxury apartment home community in Cromwell, CT, a central Connecticut town that’s home to the Traveler’s Championship PGA Golf Tournament.
The new community will consist of 160 units, and will be constructed in phases, with the apartments delivered over the last 10 to 12 months of an 18- to 22-month construction period.
“This project will offer a different lifestyle than the existing apartments in Cromwell – a fully amenitized, professionally managed, Class A luxury apartment community,” said Michael Belfonti, the founder and CEO of Belfonti Companies.
The project is the first new multifamily product to be built in Cromwell in the past few decades, and it has virtually no competition. Belfonti has contracted with Bozzuto Management for the initial lease-up of the asset.
The project is being funded by a construction loan from Bankwell Bank of New Canaan, CT.
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