May 21, 2019
CBRE has obtained a $53.5-million loan for two Class A multifamily properties in Fairfield County’s Norwalk, CT. The properties at 500 West Ave. and 30 Orchard St. are owned by a joint venture of Alex Brown Realty Inc. and Belpointe Capital LLC. Thorofare Capital provided the financing.
A CBRE debt and structured finance team of Jason Gaccione, Shawn Rosenthal and Tom Didio secured the loan on behalf of the borrower.
The Berkeley at Waypointe (pictured), located at 500 West Ave., was built in 2017 and offers 129 apartments. The property also has 10,401 square feet of street-level retail space. Quincy Lofts, located at 30 Orchard St., was built in 2016 and offers 69 loft-style units. Both properties are currently 95% occupied.
“The strong location, close to public transit and multiple dining and entertainment options, bodes well for the continued success of each asset,” said Gaccione.
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