CT Community Receives $20M Financing
- Sep 12, 2018
Newmark Knight Frank Capital Markets has secured a $19.5 million loan for the acquisition of Cove West Hartford in West Hartford, Conn. The borrower, CS Acquisitions Group, paid $20.9 million for the six-building community. According to Yardi Matrix, Arbor Commercial Funding provided the financing, which will also facilitate the property’s renovation.
Cove West Hartford encompasses 200 one- and two-bedroom units completed in 1971. Amenities include a 12,000-square-foot clubhouse, swimming pool and fitness center. The property is located at 106 Kane St., near eateries, a hospital, schools, Prospect Plaza Shopping Center and Kennedy Memorial Park. Downtown Hartford is 2.5 miles away, while multiple nearby bus stations and Interstate 84 provide easy access throughout the area.
The NKF Capital Markets Debt & Structured Finance team comprising Vice Chairmen & Co-Heads Dustin Stolly and Jordan Roeschlaub, along with Senior Managing Director Daniel Fromm arranged the financing. In a recent deal, ARA Newmark brokered the sale of a Tampa community.
Image courtesy of Yardi Matrix