Permanent Loan - Refinance$11,500,000
102 Unit Apartment Complex
Axiom Capital Corp. structured and facilitated the closing of an $11,500,000 permanent loan for the acquisition of a 102 unit apartment community in Brookfield, CT. The 15 year non-recourse loan was closed at a fixed rate. The loan demonstrated a 64.6% Loan to Value and a 1.60x Debt Service Coverage Ratio amortized over 30 years.
The subject property is a 102 unit apartment community that was built in 2009. The complex is comprised of two apartment buildings and a clubhouse totaling 100,156 square feet. There are 48 one-bedroom units, 48 two-bedroom units, and six three-bedroom units. The interior finishes include 9 foot ceilings, walk-in closets, full size washers and dryers, GE appliances, and balconies or patios in each unit. The property features a 24 hour fitness center, outdoor pool, gas barbeque pits, club room, business center, tenant storage, and laundry facilities. It is also the areas only community with private covered garage parking with 88 spots and traditional parking spots for an additional 200 vehicles.
The community is situated on the border of Danbury, CT which is the economic and cultural hub of Northern Fairfield County. It is an ideal location being just a two minute drive to many destination retail shops on Federal Road and a short drive to Candlewood Lake which is one of Connecticut’s most prized recreational lakes. The ability to easily jump on Interstate 84 and Route 7 gives the option to travel north, south, east and west to many destinations such as Westchester County, Fairfield County, and New York City.