May 6, 2019
Thorofare Capital provided $53.5 million in senior debt to refinance a two-property, 198-unit multifamily portfolio in Norwalk, CT. 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.
The properties include Berkeley at Waypointe (pictured), located at 500 West Ave., which features 129 one- and two-bedroom homes over 10,402-square feet of street-level retail. The second asset, Quincy Lofts, is located at 30 Orchard St. 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.
Thorofare’s Felix Gutnikov says, “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.”
CBRE’s Shawn Rosenthal, Jason Gaccione and Sunny Somaiya arranged the financing.
For comments, questions or concerns, please contact Dennis Kaiser