STAMFORD, CT-Cassidy Turley said Monday it had arranged first-mortgage financing for the LockWorks at Yale & Towne, a 329-unit multifamily property at the Harbor Point mixed-use development. Wafra Investment Advisory Group, a US company owned by a Kuwaiti agency, had bought the rental complex from developer Building & Land Technology for a reported $130 million this past December.
Noble Carpenter, executive managing director at Cassidy Turley, represented Wafra on behalf of an institutional in arranging the $84.5-million, 10-year, fixed-rate financing package with lender HSBC. The fully stabilized, six-story apartment complex was completed in 2011.
“Lenders' preference for the combination of Wafra's strong sponsorship and a newly constructed and stabilized multifamily asset located in New York's Tri-state region enabled an active and aggressive bidding process that resulted in favorable loan terms for ownership,” Carpenter says in a release.
Rents at the LockWorks range from $1,815 per month for a studio to $3,450 for a three-bedroom, according to the Stamford Advocate. The sale of the LockWorks was announced this past February at a Stamford board of finance meeting, the newspaper reported.
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