X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MANSFIELD, CT-New England Realty Management received $12.8 million in first mortgage financing for its acquisition of three multifamily developments here and in East Windsor. Carlton Advisory Services’ arranged and closed the $12.8 million 10-year, fixed-rate, first-mortgage financing deal for New England Realty Management of West Hartford, CT.

The seller was Orchard Acres LLC. New England Realty Management acquired the Orchard Acres portfolio, which consists of 208 apartments near the University of Connecticut campus. The portfolio is nearly 100% leased and consists of Orchard Acres, a 96-unit development in Mansfield, Renwood Apartments, a 76-unit community in Mansfield and Oakridge Apartments, which totals 36 units and is located in East Windsor. Carlton officials say that the rapid growth of the nearby University of Connecticut’s campus has caused heavy demand for student housing in the region.

With the acquisition of the Orchard Acres portfolio, New England Realty Management has become the second largest owner and manager of off-campus student housing at the University of Connecticut, Carlton Advisory Services officials say.

Carlton executives Marc Sznajderman and Neil Bane arranged the “very favorable” senior mortgage with an extremely tight spread for class B student housing, company officials add. In addition, Carlton arranged a $500,000 capital improvement working account, which will allow New England Realty Management to make improvements to the units, including the upgrade of appliances, as well as undertake landscaping upgrades at all three properties. The firm arranged the flexible financing structure under a short time frame in order to meet the client’s contractual obligations and obtained a loan commitment despite discovering an environmental issue at the eleventh hour, Carlton officials add.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.