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August 20, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Norwalk multifamily portfolio receives $53.5M for refinancing

Berkeley at Waypointe

A two-property, 198-unit multifamily portfolio in Norwalk has received $53.5 million in senior debt for refinancing from Thorofare Capital, a Los Angeles-headquartered commercial real estate loan origination and servicing company.

The portfolio consists of Berkeley at Waypointe at 500 West Ave., which features 129 one- and two-bedroom homes consisting of over 10,402-square feet of street-level retail, and Quincy Lofts at 30 Orchard St., which consists of 69 loft-style homes. The properties, which are within a block of each other, were developed in 2016 by a joint venture between the affiliates of Alex Brown Realty Inc. and Belpointe Cos.

Proceeds from the five-year, floating rate, interest-only financing will be used to retire the original senior construction loan and provide future funding to cover costs associated with the lease-up of the retail space. CBRE’s Debt & Structured Finance group in the firm’s New York City office arranged the financing.

“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 Felix Gutnikov, Thorofare’s principal and head of origination. “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.”