CBRE’s Debt & Structured Finance (DSF) team procured a $53.5 million loan for two Class A multifamily properties in Norwalk, Conn.
The properties, located at 500 West Avenue and 30 Orchard Street, are owned by a joint venture between affiliates of Alex Brown Realty, Inc. and Belpointe Capital LLC. Thorofare Capital provided the financing.
The CBRE team of Jason Gaccione, Shawn Rosenthal and Tom Didio secured the loan on behalf of the borrower.
The Berkeley at Waypointe, located at 500 West Avenue, was built in 2017 and offers 129 apartments and 10,401 s/f of street-level retail space.
Quincy Lofts, located at 30 Orchard Street, was built in 2016 and offers 69 loft-style units.
“The owners of The Berkeley at Waypointe and Quincy Lofts plan to continue managing the multifamily portion of the properties, which have reached stabilized occupancy, while leasing the remaining vacancy in the retail space at The Berkeley,” said Gaccione.
“The strong location, close to public transit and multiple dining and entertainment options, bodes well for the continued success of each asset.”
Ten percent of the units in each project are designated affordable via rent regulation restrictions. The Berkeley at Waypointe and Quincy Lofts are both currently 95 percent occupied.