LOS ANGELES, CA - Thorofare Capital has provided $53.5 million in senior debt to refinance a two-property, 198-unit multifamily portfolio in Norwalk, Connecticut.
The financing is secured by two Class-A apartment communities developed in 2016 by the sponsor, a joint venture between affiliates of Alex. Brown Realty, Inc. and Belpointe Companies. Berkeley at Waypointe, located at 500 West Avenue features 129 one- and two-bedroom homes over 10,402-square feet of street-level retail. Quincy Lofts is located at 30 Orchard Street and consists of 69 loft style homes. The properties, which are located within a block of one another in Norwalk’s Waypointe submarket, were a combined 98% leased at the time of closing.
Proceeds from the five-year, floating rate, interest-only financing are being used to retire the original senior construction loan, and provide future funding to cover costs associated with the lease-up of the retail space.
“This transaction embodies the versatility of our multi-strategy platform in which we are able to provide attractively-priced debt capital for core-plus, value-add and opportunistic real estate transactions,” said Thorofare principal and head of origination Felix Gutnikov. “These institutional quality multifamily properties provide attractive in-place cash flow and offer considerable upside potential through concession burn-off and lease-up of the vacant retail suites.”
Situated in one of Norwalk’s fashionable, pedestrian-friendly neighborhoods, the properties offer residents easy access to the area’s vast retail and cultural offerings. In addition, the nearby SoNo Metro North Train Station puts residents just an hour train ride from Manhattan. Both properties offer complimentary shuttles to the SoNo Metro Station.
The properties, managed by Greystar, offer upscale apartment amenities including gourmet kitchens with restaurant level stainless steel appliances, floor-to-ceiling windows and ceramic tiled bathrooms with full-sized vanities. Outdoor spaces include sun decks, grilling and barbecue areas, and an elevated terrace. Both properties also feature concierge services, a fitness center, and a recreation room with a state-of-the-art gaming system.
Shawn Rosenthal, Jason Gaccione and Sunny Somaiya of CBRE’s Debt & Structured Finance group in the firm’s New York City office arranged the financing.