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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RICHMOND, VA – Looking across the James River from downtown Richmond, you will see changes to the Manchester skyline as South Falls Tower rises from behind the floodwall. Set to open in late 2020, South Falls Tower is the newest addition to the luxury apartment brand, Elevated Properties.
South Falls Tower is a 14-tale, luxury apartment building with modern studio, one, and two-bedroom floorplans, all of which boast floor-to-ceiling windows showcasing unobstructed views of downtown Richmond and the river. The contemporary, open-concept apartments feature gourmet kitchens with custom flat-panel cabinetry, sun-soaked living and dining areas with plank-style flooring, and spacious bedrooms with spa-inspired bathrooms making every apartment the perfect place to call home.
Residents will have the opportunity to indulge in luxurious amenities at South Falls Tower. The outdoor courtyard overlooking the river offers a resort-style swimming pool, grilling areas, lounge seating, and garden space. A thoughtfully designed 4th-floor resident clubhouse features a chef’s kitchen, entertainment area, and floor-to-ceiling glass windows with breathtaking views. The expansive state-of-the-art fitness center offers a separate yoga room and resident mezzanine. Residents can also delight in the company of their furry friends since South Falls Tower is a pet-friendly building.
PRG Real Estate, an industry-leading multifamily owner-operator, and Richmond-based developer WVS Companies are pleased to add the newest addition to their luxury apartment brand, Elevated Properties, with the completion of South Falls Tower. PRG Real Estate and WVS Companies have previously completed several other luxury apartment communities around the downtown and greater Richmond area, including East 51 at Rocketts Landing, Circ Apartments, and Innslake Place Apartments. The partnership continues to expand outside of Richmond with more developments breaking ground in both Hampton Roads and Roanoke, Virginia.

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