September 29, 2020
JLL Capital Markets recently arranged $107.25 million in acquisition financing for The Waypointe, a multifamily property at 515 West Ave. in Norwalk, CT. The firm’s Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins worked on behalf of the borrower, Invictus Real Estate Partners, to secure the loan through Freddie Mac.
The Waypointe offers 464 apartments and 56,000 square feet of retail and restaurant space. Residential units are currently 93% occupied and the Class-A retail and restaurant spaces are 74% leased.
“The property is a highly attractive destination in the current environment, when increasing numbers of renters are seeking high-end amenities, abundant outdoor space, flexible commuting options and a dynamic community with restaurants and retail,” said Aiese.
He added, “Multi-housing debt terms—specifically, interest-only periods, leverage, and coupons—are the best I’ve seen in my career, due to record liquidity levels combined with historically low U.S. treasury rates.”
For comments, questions or concerns, please contact Paul Bubny