First Niagara Financial Group has completed a $13.3 million construction and permanent mortgage to Mill Commons LLC, of Farmington, CT.
Mill Commons is a recently completed, 88-unit, luxury apartment community located in Simsbury, CT.
The apartments are part of the larger Hop Brook Development, a mixed-use community created by Landworks Development. Hop Brook includes 20 luxury townhomes, office space and the five-star Millwright’s Restaurant and Tavern.
Landworks’ member, Chris Nelson, credited First Niagara for committing to finance the project at a time when most banks were shying away from any real estate venture.
“The First Niagara team is local, so they understood the value of this project in Simsbury; but also, First Niagara was large enough to provide the resources, products and services we required for a development of this size.”
Jeanneen Griffin, team leader for First Niagara, said, “The combination of the team’s experience and the in-depth market research they conducted for Mill Commons gave us great confidence in their ability to succeed in their first rental community. ”