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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.

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