CT Community Lands $53M Refi
- May 10, 2018
Meridian Capital Group has closed $53 million in financing for Broadmoor Apartments, a 468-unit property in Hamden, Conn. The 10-year loan includes a fixed rate, locked at a spread of 1.6 percent, and benefits from five years of interest-only payments, followed by a 30-year amortization schedule. According to Yardi Matrix, The Solomon Org. acquired the community in 2014 from Fairfield Residential, for $58.5 million.
The property is located at 676 Mix Ave., and is part of the New Haven metro area, which has one of the lowest vacancy rates in the U.S. and is home to Yale University. The site is next to the largest retail center in Hamden and near Route 15.
Broadmoor Apartments comprises studio, one- and two-bedroom units, across six, six-story buildings. Since it last changed hands in 2014, the property has undergone more than $4.1 million in capital improvements. Community amenities include:
- fitness center
- resort-style pool
- tennis court
- picnic and barbecue area
- access to private parking
Meridian’s team included Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein, both from the New York City office. Earlier this year, the company secured a $4 million loan for another New Haven community, comprising 23 units.
Image courtesy of Meridian Capital Group