Wells Fargo backs development of Connecticut apartments

Wells Fargo has provided a $36.5m construction loan to Connecticut-based Lexington Partners for the development of Flanagan’s Landing, a 250-unit multifamily apartment community in Glastonbury, Connecticut. The construction loan carries a three-year term with an additional five-year mini-perm feature, according to CBRE, which arranged the financing. The financing also includes around $14m of equity invested by a joint venture […]