Permanent Loan - Acquisition$19,500,000
128 Unit Apartment Complex
North Haven, CT
Axiom Capital Corporation organized the closing of a $19,500,000 permanent loan for the re-finance of a multifamily property in North Haven, CT. The 10 year non-recourse loan was closed at a fixed rate with a correspondent life insurance company. The loan metrics demonstrated a 73% Loan to Value and a 1.49x Debt Service Coverage amortized over 30 years.
The subject property is a 128 unit apartment complex situated in five two and three story buildings totaling 140,224 SF. The unit mix includes 44 one-bedroom, 60 two-bedroom, and 24 three-bedroom units. The spacious apartments are equipped with walk-in closets, eight foot ceilings, washing machines, dryers and all Whirlpool appliances. Community amenities include: a heated pool, 24 hour fitness center, ample parking, fenced-in dog park, gazebo, barbecue pits, valet dry cleaning, and controlled-access storage rooms.
The complex is situated on 10.7 acres in the town of North Haven, half a mile from Washington Avenue (the primary retail corridor serving the area), and just seven miles from downtown New Haven. The property sits directly on the Qunnipiac River and provides easy access to highways I-91, I-95 and Route 15, which connects the region to Hartford and Stamford. New Haven County is nationally known for its exceptional education and medical facilities. Yale University, Southern CT State University, University of New Haven, Scared Heart University & the Yale-New Haven Hospital System are all within 20 miles of the site.