136-unit apartment community financed in Hartford, CT
Boston – October 5, 2015 – CBRE/New England's Multifamily Debt & Structured Finance Group announced it secured $5.52 million in financing for the $6.9 million acquisition of 194 Washington Street in Hartford, Connecticut, a 136-unit multifamily property also known as Lafayette Arms. Premier Properties West, an affiliate of BrickPoint Capital, LLC, closed on the purchase in September 2015.
CBRE/NE Senior Vice President John Kelly and Financial Analyst Sam Dylag worked on behalf of the buyer. “It was a pleasure securing financing for this transaction on behalf of our client. We were able to use the power of the CBRE platform to secure 80%, nonrecourse acquisition financing at a great rate for a 10-year term through a Connecticut-based bank.” said CBRE/NE's John Kelly.
“We are very pleased with the terms CBRE arranged of our loan. The execution from the bank exceeded our expectations and provided flexible terms that match our long term business plan,” said Russ Oken of Premier Properties West.
Lafayette Arms is centered within one of Hartford's most vibrant commercial and employment centers. Surrounding this apartment community is a busy commercial area with restaurants, retail stores, banks and professional offices. The building is also conveniently situated on the bus line served by the Connecticut Transit System.
The property is located one block from Hartford Hospital, a “Top 15” employer for the state of Connecticut. Lafayette Arms was developed in 1968 and has undergone community and unit renovations over the years. Each of the units offers a galley style or open kitchen, living room and bedrooms with carpeted floors.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.