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Spinnaker Real Estate Partners And Eastpointe Secure $68M Construction Loan For Multifamily Development

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FINANCED
$68,000,000
Peter (Pete) Rotchford
Kristen Knapp
+ 1

Connecticut

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FINANCED

Spinnaker Real Estate Partners And Eastpointe Secure $68M Construction Loan For Multifamily Development

286 Canfield Avenue, Bridgeport, CT, USA

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Development Site
Financed
Peter (Pete) Rotchford
Kristen Knapp
+ 1
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Summary

CONNECTICUT
Asset Type:Development Site
Transaction Type:Loan

A $68,000,000 construction loan has been secured for a multifamily development project located at 286 Canfield Avenue in Bridgeport, CT. The loan was provided by Sculptor Real Estate to the borrowers, Spinnaker Real Estate Partners represented by Clayton Fowler, and Eastpointe represented by Bryan Robik and Bill Finger. The brokers involved in the deal were Christopher Peck, Peter Rotchford, Kristen Knapp, and Rob Root from JLL.

Summary of transaction details:

  • Property Type: Multifamily Development
  • Transaction Amount: $68,000,000
  • Address: 286 Canfield Avenue, Bridgeport, CT
  • Lender: Sculptor Real Estate
  • Borrowers: Spinnaker Real Estate Partners - Clayton Fowler, Eastpointe - Bryan Robik & Bill Finger
  • Brokers: Christopher Peck, Peter Rotchford, Kristen Knapp, & Rob Root - JLL

The key individuals and companies involved in this transaction include the borrowers, Spinnaker Real Estate Partners and Eastpointe, as well as the lender, Sculptor Real Estate. The deal was facilitated by brokers Christopher Peck, Peter Rotchford, Kristen Knapp, and Rob Root from JLL.

Players

Christopher (Chris) Peck
70 deals$14.6B volume(212) 632-1812
BROKER

Kristen Knapp
JLL
7 deals$1.2B volume(617) 848-1572
BROKER

Peter (Pete) Rotchford
JLL
63 deals$8.9B volume(212) 632-1822
BROKER

Rob Root
JLL
1 deal$68M volume
BROKER

Sculptor Real Estate
LENDER

Details

FINANCED
IMAGE: Christopher Peck, Peter Rotchford, & Kristen Knapp DATE: 11/18/2020 ADDRESS: 286 Canfield Avenue MARKET: Bridgeport, CT ASSET TYPE: Multifamily Development BORROWERS: Spinnaker Real Estate Partners - Clayton Fowler, Eastpointe - Bryan Robik & Bill Finger LENDER: Sculptor Real Estate BROKERS: Christopher Peck, Peter Rotchford, Kristen Knapp, & Rob Root - JLL LOAN AMOUNT: $68,000,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,000,000.00

Monthly NOI$453,333.33
Monthly Debt Service$429,806.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00