Urban Standard Capital Provides $60M Construction Loan for East Hartford Apartments
By Andrew Coen June 17, 2025 2:40 pm
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A joint venture between Jasko Development and Zelman Real Estate has nabbed $60 million of construction financing to repurpose of a former movie theater in East Hartford, Conn. into a multifamily property, Commercial Observer has learned.
Urban Standard Capital supplied the loan for the co-developer’s entity, Jasko Zelman 1, to facilitate the planned transformation of a vacant site that previously housed a Showcase Cinemas into a 300-unit apartment community called Concourse Park.
“We are excited to support this transformative project that will bring much-needed housing to East Hartford,” Seth Weissman, founder and managing partner of Urban Standard Capital, said in a statement.
Paradigm CRE’s Adrian Edery arranged the transaction.
“The joint venture between Jasko Development and Zelman Real Estate brought together experienced, well-capitalized developers with a proven track record in multifamily,” Edery said in a statement. “That gave us confidence in their ability to execute at scale.”
The town of East Hartford sold the long vacant 25.6-acre parcel to Jasko Zelman in 2019 for $3.3 million. The sale was finalized this month after Zelman agreed to $10 million in public infrastructure funding for the project, according to Connecticut Insider.
Avner Krohn, chairman and CEO of Jasko Development, said public support for the project will enable rents to be “highly competitive” and is hoping it can fill a housing need for an area with many large employers.
“We think it will help retain and attract some of the many workers in the area,” Krohn told CO. “This area hasn’t seen a new market rate Class A product in decades.”
Krohn said the project is slated to break ground in a few months, with an estimated completion date in late 2027. The building will have community amenities that include an outdoor pool, cabana area, grill stations and fitness center.
Brian Zelman, principal of Zelman Real Estate, said Concourse Park will mark the first market rate apartment project for East Hartford in nearly 50 years and credited local lawmakers with allocating necessary funding to enable the project to get off the ground.
“The development would not be possible without a public private partnership with the town of East Hartford, State of Connecticut and the Capital Region Development Authority,” Zelman said. “The location with significant frontage on I-84 and a few miles from the I-91/ I-84 junction is arguably the best situated site in the region.”
Andrew Coen can be reached at acoen@commercialobserver.com
