Pennrose Breaks Ground on Phase I of Naugatuck Redevelopment
Pennrose, The Cloud Company and the Borough of Naugatuck, CT held the groundbreaking of the Parcel B redevelopment, which will transform a vacant, seven-acre lot on Old Firehouse Road into a mixed-income, mixed-use, and transit-oriented community. The first phase, expected to be completed in fall 2026, will include 60 mixed-income apartments with ground-floor retail.
Once complete, the three-phase Parcel B redevelopment will create 180 new mixed-income apartments across three 60-unit buildings and more than 7,000 square feet of commercial space. A key component of the project is the planned public green space, including a market plaza, central lawn and gardens.
Financing for the project includes federal Low-Income Housing Tax Credits (LIHTC) purchased by TD Bank and syndicated by Red Stone Equity Partners. Construction loans are provided by M&T Bank and Ion Bank, and a permanent loan is provided by Connecticut Housing Finance Agency.
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80-Unit Seniors Housing Development Opens in Suburban Chicago
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312-Unit Multifamily in Indiana Changes Hands
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout