PALM COAST, FL – ConcordRENTS announces the Grand Opening of Central Landings at Town Center Apartment Homes, a $26.7 Million affordable housing community, consisting of 150 apartment homes serving those making 40% – 80% of the area median income, located in the Palm Coast Town Center.
As the newest affordable apartment community within the last 9 years, Central Landings is dedicated to provide safe and quality housing for the expanding needs of families in Flagler County. The community will appeal to the most discerning preferences including traditional 3-Tale Garden style building designs as well as unique Carriage Homes over Garages. Each home will be fully equipped with granite countertops and CleanSteel energy efficient appliances, along with other modern finishes. The residents will also be able to take advantage of community amenities with a business center, Amazon HUB package center, heart healthy cardio and fitness studio, walking trails with Get Fit stations, regulation bocce ball court and dog park.
Palm Coast Town Center is a master development with a vision of 2,500 multifamily residential units, 1.4 million square feet of office space, 3.4 million square feet of commercial space, including a movie theater, hotel and nursing home. The Town Center currently includes the Palm Coast City Hall, with 14,000 square feet of retail, Epic Movie Theater and multifamily residential units from Central Landings Senior Living, Palm Coast Senior Living and Reserve at Brookhaven that are also all managed by ConcordRENTS. Additionally, Palm Coast Landing is a shopping center bordering the Town Center, anchored by Super Target, Michaels, Pet Smart and other nationally known retail establishments.
Funding for Central Landings Apartment Homes comes from $13.4 Million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $9.3 Million in equity, from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and additional sources provided through the Developer, Atlantic Housing Partners, L.L.L.P.
ConcordRENTS is a national leader in high quality, customer-focused property management of affordable multifamily rental housing. ConcordRENTS manages over 100 properties in Florida.

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CROMWELL, CT – Belfonti Companies announced that it has broken ground on a $50 million dollar market-rate, luxury apartment home community in Cromwell, Connecticut. The new community will be built just off Country Squire Road near Route 372 and it will consist of 160 luxury apartment homes.
The project will be constructed in phases, with the apartment homes delivered over the last 10 to 12 months of an 18 to 22 month construction period. The property’s amenities will include a 4,500 square foot community center, an outdoor swimming pool, and an outdoor lounge area with grills and fire pits. The community will be pet friendly. “This project will offer a different lifestyle than the existing apartments in Cromwell – a fully amenitized, professionally managed, Class A luxury apartment community,” said Michael Belfonti, the founder and CEO of Belfonti Companies.
The project is the first new multi-family product to be built in Cromwell in the past few decades and it has virtually no competition. Located at the highest point in the Cromwell area, the new apartment community will have expansive views of Cromwell and the surrounding area. The Town of Cromwell is home to the Traveler’s Championship PGA Golf Tournament and the community will be located within 4 miles of the TPC River Highlands Golf Course.
Stuart Popper, the Director of Plotting and Development for the Town of Cromwell, said: “We are excited about the economic growth that Cromwell is experiencing, and we welcome Mr. Belfonti’s new development as an integral part of that growth.”
Belfonti has contracted with Bozzuto Management for the initial lease-up of the asset. Toby Bozzuto, the President and CEO of Bozzuto, expressed his congratulations to the Belfonti Companies on the ground-breaking. “This will be our first management contract with the Belfonti Companies, and we are in negotiations on several other fascinating deals in their pipeline,” he said.
The project is being funded by a construction loan from Bankwell Bank of New Canaan, CT. “We are pleased to close this loan with the Belfonti team. We have worked together closely to make the transaction as smooth and efficient as possible,” said Bob Palermo, Bankwell’s Senior Vice President of Commercial Real Estate Lending.

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PANAMA CITY, FL – Preferred Apartment Communities announced its acquisition of Parkside at the Beach, a 2019 built 288-unit Class A multifamily community located in Panama City Beach, Florida.
Jeff Sherman, President of Multifamily said, “We identified this acquisition opportunity in late 2019, completed our due diligence, and committed to it with non-refundable earnest money in a pre-COVID environment. Also, in February 2020, we obtained an extremely favorable first mortgage loan from Freddie Mac. The combination of these factors, along with very strong April 2020 rent collections, led us to follow through on our commitment to buy an asset on attractive terms consistent with our multifamily strategy of acquiring well-performing Class A multifamily communities in the Sunbelt.”
Mr. Sherman continued, “Parkside at the Beach is another example of selectively adding to our portfolio. The property is exceptionally well located, fronting highway 98 and less than 2 miles to Pier Park, a 2+ million square foot destination open-air shopping center owned by Simon Property Group with over 250 retail, dining and entertainment options. Parkside also serves as the premier multifamily property in the market with kitchen islands, quartz counters, stainless appliances and resort style amenities.”
PAC bought Parkside at the Beach utilizing a first mortgage loan from Freddie Mac bearing interest at a fixed rate of 2.95% per annum for a 10-year term. The loan is interest only during the first two years and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership. John Isakson, Chief Financial Officer of PAC said, “Despite the COVID-19 pandemic, which has rapidly impacted all markets, we were able to close on terms previously agreed to with Freddie Mac. This favorable debt complements this acquisition, providing for enhanced cash flows and projected returns.”

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