March 29, 2023

BlueGate Secures Construction Financing and Joint Venture Equity for Multifamily Development in Middletown, CT

Working on behalf of PB Ventures (“PB”), BlueGate Partners has successfully secured $23 million of joint venture equity as well as a $20 million participant in a $54 million senior construction loan for PB’s 240-unit apartment development project on Newfield Street in Middletown, CT. Just one mile from Wesleyan University and one and one-half miles from the charming downtown streets of Middletown, the development will consist of one-bedroom, two-bedroom, and three-bedroom units in a combination of three-story, four-story, and townhouse-style buildings.

The property will also feature a clubhouse and expansive amenities such as a state-of-the-art fitness center, heated outdoor pool, pickleball courts, cold-delivery storage, dog park, EV chargers, conference rooms, jogging/walking/biking trails, fire pits, and barbeque grills.

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