Citizens Bank Lends a Helping Hand in Connecticut

A development partnership gets a crucial loan for a three-phase luxury community.

Bloomfield Center- Bloomfield, CTBloomfield, Conn.—Several months after shovels hit ground at Bloomfield Center, the joint venture between Fairfield-based Post Road Residential and Carlyle Realty Partners VII received a $33.75 million construction loan for the project from Citizens Commercial Banking.

Located at 700 Bloomfield Ave. and within walking distance of the Bloomfield town center, the luxury residential community calls for 215 apartments and is the first of three housing phases planned for the area between Jerome and Bloomfield Avenues. The project broke ground this summer under conceptual plans designed by Beinfield Architecture P.C. of Norwalk and is set for completion in early 2018.

Bloomfield Center will feature a mix of studio, one-, two- and three-bedroom apartments spread among several mid-rise buildings. The units will average approximately 890 square feet and are expected to rent for around $1,400 per month. According to a project description by the development team, Bloomfield Center was designed as “an urban project in a suburban town” and tackles young millennials and empty nesters who have the disposable income to live in downtown and urban areas, close to dining and entertainment options.

Residents at Bloomfield Center will also have access to a list of amenities including a 16,000-square-foot clubhouse with media room and a 4,000-square-foot fitness center, as well as a large lounge area with a fireplace and outdoor cooking space. Project plans also call for a parking garage with more than 300 spaces.

Phase II of the project is planned for mid-2018 on Jerome Avenue next to Jerome way will include 130 units, while Phase III calls for 45 units on the west side of Bloomfield Avenue.