Bright Ravens Development, a Danbury, Connecticut-based real estate company, has successfully secured a $33.5 million loan to fund the next phase of its Brainerd Place development in Portland, Connecticut. The loan was provided by Kriss Capital, a New York City-based investment firm, with HKS Real Estate Advisors, also based in New York City, facilitating the financing arrangements.

The next phase of the development, known as Building F, will be a four-story building that will house 130 residential units and 11,000 square feet of commercial space, along with over 100 indoor parking spaces. Gaby Suarez Walters, a spokesperson for the project, highlighted the integration of Building F into the broader vision of Brainerd Place. "Building F will connect seamlessly to phase one," Walters explained, adding that the new building will include a range of modern amenities, including a fitness and recreation center, a pool, and an on-site theater.

Brainerd Place is a mixed-use development situated on a 14-acre site in Portland, located about 18 miles south of Hartford. The property’s location is considered advantageous due to its proximity to Bradley International Airport and regional attractions, which could make it an appealing place for both residents and businesses. Walters emphasized this point, saying, “There hasn’t been significant new development in Portland for years, making this project a timely and exciting opportunity for growth.”

The first phase of the Brainerd Place project broke ground in the summer of 2022 and is expected to be completed in the next few months. This phase consists of a 990-unit multifamily building that will feature a variety of community amenities, as well as commercial spaces. One of the commercial spaces has already been pre-leased to Starbucks, a major retail tenant.

The Brainerd Place development occupies the site of the former Elmcrest Psychiatric Hospital, which was demolished to make way for the new construction. In addition to the new buildings, the project incorporates three historic structures: the Brainerd Building, constructed in 1855, and the two Sage Houses, built in 1884. These buildings are being preserved and rehabilitated to serve as important elements of the new development. The Brainerd Building will be converted into a community center, with completion expected in three to four months, while one of the Sage Houses will be leased to a restaurant tenant. These historic structures will anchor the new village green, creating a sense of place and connection to the local history of the area.

Walters pointed out that the project offers a unique opportunity for growth in a town that has seen limited development in recent years. Portland has a population of around 10,000 people, and the majority of households are in single-family homes. “Its proximity to Bradley International Airport and regional attractions also enhances its appeal for residents and businesses,” Walters noted, indicating that the development will help revitalize the area and create a mixed-use community that meets the growing needs of Portland and its surrounding regions.

The developers are already planning additional phases for Brainerd Place, including further residential and commercial developments. The project’s success, particularly in securing financing and attracting high-profile tenants, bodes well for the future of the development and the town of Portland. With its combination of modern amenities, historic preservation, and strategic location, Brainerd Place aims to become a cornerstone of the town's economic growth and a model for future development in the region.