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HGI/PB JV funds ground-up multifamily development in Connecticut
Affiliates of Harbor Group International and PB Development announced the joint venture for the ground-up development of Springside, a 240-unit class A multifamily community in Middletown, Conn. HGI will contribute 80 percent of the required common equity for the development. The total capitalization for the development is approximately $83.5 million. Upon completion, expected in 2025, HGI will assume ownership and management of the community.
Springside will be located within two miles of downtown Middleton. The city's location between Hartford and New Haven, and proximity to Interstates 91, 84 and 95, will offer residents convenient access to central Connecticut’s diverse employment base and universities. Employers in the area span major insurance, healthcare, aerospace and manufacturing companies, including Prudential, Pratt & Whitney, GKN Aerospace Services Structures, Pegasus Manufacturing, Wesleyan University and ESPN.
“Despite strong employment opportuni