Axiom Capital Corporation has arranged a $45,000,000 construction to permanent loan for the construction of an apartment community in Simsbury, CT. The non-recourse loan was for 5 years at a floating rate during construction and then converting to a fixed rate. The loan also offered two 5-year extension options.
The Borrower plans to construct and operate 280 residential rental units, to include several townhouse units with various layouts and facades, as well as four luxury apartment buildings with elevators and a clubhouse. In addition to the apartments the development plan for the 40 acres calls for a 120-bed assisted living facility, 11,600 square feet of retail, and a walking and bike trail that will connect to the Farmington Canal Heritage Trail.
The Town of Simsbury is located in Hartford County, approximately 20 minutes north of the City of Hartford, Connecticut. The property is located on Route 202 that cuts through Simsbury and connects to Route 44 with direct access into the heart of Hartford. The location with access to employment centers and entertainment/shopping coupled with the excellent Simsbury School District makes Simsbury one of the most ideal living locations not only in the region, but the United States. In fact, Simsbury was named the 9th best town to live in 2015 in the United States by Time magazine.