Connecticut Portfolio Lands $224M Refi
The owner, a consortium of five companies, had previously acquired the assets from BLT.
A joint venture of Gaia Real Estate, Amitim, CAPSSA, Menora Mivtachim and Psagot has secured a $223.9 million combined refinancing for a four-property portfolio in Stamford, Conn. Greystone provided the four seven-year fixed-rate Freddie Mac loans with 35-year amortization periods. Cushman & Wakefield arranged the refinancing for the asset bundle, which comprises:
- The 402-unit Postmark community, located at 301 Commons Park S.
- The 228-unit 111 Harbor Point community, located at 111 Towne St.
- The 107-unit The Key at Yale & Towne community, located at 110 Towne St.
- The 252-unit Vault community, located at 120 Towne St.
The properties had been subject to a total of $219.5 million of Fannie Mae loans originated by JLL in 2016, according to Yardi Matrix data. Part or all of that debt was acquisition financing associated with the owners’ purchase of the assets from Building and Land Technology. BLT paid $395 million for the five-property portfolio that included the four communities.
The four properties, which total 989 units, were constructed between 2013 and 2014 and all feature studio and one-, two- and three-bedroom floorplans ranging from 544 to 1,429 square feet. All of the communities include an affordability component.
Well located assets in the northeast
Each property includes amenities like swimming pools, fitness centers, gaming tables, lounges and resident parking. They are positioned in close proximity to each other within the Harbor Point neighborhood and are near Interstate 95 and the Stamford train station. They are also located near Stamford’s central business district and approximately 40 miles from New York City.
Cushman and Wakefield Vice Chairmen Niko Nicolau, Brian Whitmer and John Alascio and Executive Managing Director Alex Hernandez, along with Managing Directors Alex Lapidus and Ryan Dowd and Associate Chris Meloni arranged the financing. Judah Rosenberg, a director at Greystone, originated the funds. Earlier this year, members of the Cushman and Wakefield team were involved in securing a $257 million financing for a six-building BLT property in Jersey City.
