STAMFORD, CONN. — Cushman & Wakefield has arranged four loans totaling $223.9 million to refinance four Harbor Point-branded apartment communities. Greystone provided the Freddie Mac mortgages.
The portfolio comprises 989 apartment units in Stamford, roughly 40 miles northeast of New York City and 40 miles southwest of New Haven. Units range from 544 to 1,429 square feet in a mix of studio, one-, two- and three-bedroom layouts.
Located at 301 Commons Park South, 111 Towne St., 110 Towne St. and 120 Towne St., the communities —Postmark Apartments, Harbor Point, The Key at Yale & Towne and Vault Apartments — feature amenities including tenant parking, swimming pools, clubrooms with kitchens and multiple lounges, fitness centers, resident concierges, gaming tables and controlled building access.
The properties offer proximity to downtown Stamford, Interstate 95 and the Stamford Transportation Center, which grants direct train access to the Bronx and Manhattan.
Monthly rental rates at Vault Apartments and Harbor Point begin at $2,411 and $2,408, respectively, according to the property websites. Rental rates at the two other communities are not disclosed.
John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the undisclosed borrower in the transaction, with assistance from Niko Nikolaou, Ryan Dowd and Brian Whitmer of the firm’s capital markets team.
Judah Rosenberg of Greystone originated the seven-year, fixed-rate loans, which feature 35-year amortization periods.
“We were able to take advantage of an early index lock in order to achieve a lower interest rate, a true benefit in today’s rising-rate environment,” says Rosenberg.
— Hayden Spiess