BRT Gets $35M for Southwest Connecticut Asset

Barnbeck Place Apartments. Image courtesy of Yardi Matrix

BRT has secured $35 million in refinancing for Barnbeck Place Apartments, a 165-unit community in Brookfield, Conn. Greystone arranged the fixed-rate, five-year Fannie Mae DUS loan with a 35-year amortization schedule. Yardi Matrix shows that the property became subject to a $32 million CMBS loan from Citibank in 2021, also originated by Greystone.

Completed in 2015, Barnbeck Place encompasses one- and two-bedroom apartments ranging from 450 to 1,240 square feet. A fifth of the units are designated as affordable, reserved for individuals earning up to 80 percent of the area median income. Apartments feature in-unit washers and dryers, private decks and vaulted ceilings. The community also includes a clubhouse, a fitness center with yoga room and 330 parking spaces. At the time of the sale, Barnbeck Place was 98.2 percent occupied.

Located at 398 Federal Road in Fairfield County, the property is off Highway 202 and close to Highway 7. Central Brookfield is some 2 miles away from the community, while New York City is roughly 55 miles to the south.

Greystone Senior Managing Director Dan Sacks, along with Managing Director Avi Kozlowski, originated the financing. Platinum Capital Group acted as correspondent in the transaction. Sacks and Kozlowski recently worked on providing $40.1 million in financing for two properties in Indianapolis totaling 408 units. Last month the same duo was also involved in the sale of a 100-unit community in Decatur, Ga.