Courtesy photo

After receiving $25 million in construction financing from Stearns Bank, developers marked the completion of a 151-unit apartment complex in Newington.

Known as The Pike, the project is a partnership between Smith & Henzy Affordable Group and Woodbury, New York-based MDG Design & Construction. The development team received $12.5 million in preferred equity from Pembrook Capital Management. Northmarq sourced the financing for the $40 million project.

The pair of four-story buildings at 227 Pane Road includes 64 one-bedroom and 87 two-bedroom apartments, including a 10 percent income-restricted component for households earning 80 percent or less of area median income.

Building amenities include a 24-hour fitness center, community lounge, cafe, conference room and kitchen island, and outdoor plaza with grill stations.

“Our investment in this project demonstrates our commitment to supporting mixed-income housing developments that strengthen local communities,” Stearns Bank Senior Vice President Dave Feriancek said in a statement.

The project team includes West Hartford-based property managers Konover Residential Corp.