Michael Belfonti, president and chief executive officer of Belfonti Associates, says the transaction allows the firm to redeploy capital to some of its other Connecticut properties. The complex is located near the offices of Pratt & Whitney and just one mile from the Coca-Cola Bottling Co. plant at 471 Main St. The complex is also near Rentschler Field, home field to the University of Connecticut Huskies football team. The 40,000-seat stadium opened in July 2003 at a cost of $92 million.
"The proximity of Brookside Commons to these and other major employers makes the property very attractive to our residents who work in East Hartford and the Greater Hartford area," Belfonti says. The transaction was brokered by Epstein Canarick Corp. of Jericho, NY.
The deal follows another refinancing transaction for Belfonti Associates. Three Deer Associates, an entity of Belfonti Associates, closed a nearly $8.3-million refinancing with Bank of America for its 176-unit Deerfield Apartments complex on Windsor Ave. in Windsor.
Earlier this month, Belfonti formed a subsidiary Belfonti Capital Partners LLC, based in New York City. The firm signed a lease with Deutsche Bank AG for office space at 31 West 52nd St. Michael Belfonti is the president and chief executive officer of the newly created subsidiary. The group will focus on acquiring larger real estate assets in partnership with institutional partners.
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