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GROTON, CT-Approximately $43 million in permanent financing has been arranged for the Ledges Apartments complex, a 339-unit townhome and apartment community that was recently completed. Holliday Fenoglio Fowler managing director Gerry Yates, who works out of the firm’s Hartford offices, worked on behalf of the property owner, Groton Community LLC, to secure the 10-year financing deal through Metropolitan Life Insurance Co.

The development is situated on approximately 30 acres on Ledgewood Road off Drozdyk Drive. The Ledges Apartments is the first new multifamily rental apartment community to be built in New London County in more than 15 years, according to HFF officials.

The property features 14 buildings, ranging from two- to four-stories, with 148 one-bedroom, 155 two-bedroom and 36 three-bedroom units. The apartments run from 700 sf to 1,780 sf. Units feature washer and dryers, balconies/patios and walk-in closets. Parking is provided for 573 cars in surface spots and 48 direct-entry garages for townhouses units only. Community amenities include a clubhouse, two fitness centers, walking trails, an outdoor pool and picnic/barbecue areas.

“In a labor market with the strongest employment growth in the state, Groton Community has delivered an exceptional rental opportunity and the only product in the modern luxury apartment sector,” HFF’s Yates says.

Recently, Holliday Fenoglio Fowler’s Hartford and Boston offices collaborated on a $5.4-million construction loan for phase one of Shaw’s Landing, a planned 120-unit condominium development in nearby New London. The firm’s Janet Krolman and Yates worked on behalf of Oaktree Green Development to secure the two-year adjustable rate loan through Bank of America. The first phase will total 35 units and is scheduled to be completed in the summer of 2005. The Shaw’s Landing development will be built in three phases.

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