MLK Real Estate Capital arranged $18.75 million in bridge financing for the acquisition and renovation of New Cambridge Apartments, a 208-unit, four-building complex located at 1175 Farmington Avenue, Bristol, Connecticut.
The purchase price was $21,150,000.
Originally constructed in 1969, the property has never undergone a significant renovation or rent optimization program. The sponsorship plans to implement a renovation program that will include interior gut renovations, exterior renovations, and common area upgrades. The interior renovations will focus on the kitchens and bathrooms.
The common area upgrades will include replacing the elevator and installing a new swimming pool.
The sponsorship owns a portfolio of several thousand multifamily units in Connecticut, New York, and New Jersey, according to MLK’s Solomon Kinraich.