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Invictus lands $107M loan for CT multifamily buy

JLL Capital Markets has arranged $107.25 million in acquisition financing for the purchase of The Waypointe, a multi-housing property located at 515 West Ave. in Norwalk, Connecticut.

JLL worked on behalf of the borrower, Invictus Real Estate Partners, to secure the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. 

Invictus Real Estate Partners, which owned 10 percent of The Waypointe at 515 West Avenue, acquired the remaining 90 percent from Carmel Partners, according to TRD.

The Waypointe is a multi-housing development with ground-floor commercial space. The property offers 464 apartments and 56,000 s/f of retail and restaurant space. Apartments include one-, two- and three-bedroom units, and feature high ceilings, large windows, and modern design.

Residential units are currently 93 percent occupied and the Class-A retail and restaurant spaces are 74 percent leased.

The property consists of two buildings with community amenities including two parking garages allowing 1,027 spaces for residents, a fitness center and an outdoor heated, salt-water pool.

The complex is currently home torestaurants and retail options such as Barcelona Wine Bar, Colony Grill, and a JP Morgan Chase bank.

Located in the heart of Connecticut’s Fairfield County, The Waypointe is one hour away from Manhattan, offers access to I-95, and is minutes from the MTA’s South and East Norwalk train stations.

“We have been an investor in the development of these Norwalk properties since 2014, and we are happy to add The Waypointe to our portfolio,” said Eric Scheffler, managing principal of Invictus Real Estate. “This acquisition is part of our business plan to acquire institutional quality, transit-oriented multi-housing properties, concentrated in key growth markets.” 

The Waypointe

The JLL Capital Markets team representing the borrower was led by Scott Aiese, Peter Rotchford, Alex Staikos, and Brendan Collins. 

“The Waypointe is a multi-housing property offering easy access to New York City,” said Aiese. “The property is a highly attractive destination in the current environment, when increasing numbers of renters are seeking high-end amenities, abundant outdoor space, flexible commuting options and a dynamic community with restaurants and retail.” 

“Properties like The Waypointe, with Class-A amenities and an ideal location are rare,” added Rotchford. “The property will benefit from the growing number of renters seeking alternatives to densely populated urban areas and a better work-life balance.” 

“Multi-housing debt terms – specifically, interest only periods, leverage, and coupons – are the best I’ve seen in my career, due to record liquidity levels combined with historically low US treasury rates,” continues Aiese.

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