Updated Dec 4, 2024
R.D. Scinto Refinances Multifamily Asset At The Renaissance In Shelton, CT For $6.6M
100 Parrott Drive
$6,600,000
Units
126
Asset Type
MultiFamily
Closing
Nov 2, 2023
About this deal
AI
R.D. Scinto, Inc. has secured a <30% LTV permanent loan to refinance The Renaissance, a 10-story, 126-unit multifamily and residential condominium in Fairfield County. The property is located at 100 Parrott Drive in Shelton, CT and is owned by R.D. Scinto, Inc. The loan, provided by Liberty Bank, amounts to $6,600,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,600,000
- Market: Shelton, CT
- Lender: Liberty Bank
- Landlord: R.D. Scinto, Inc.
RIPCO's Debt & Structured Finance Group, represented by brokers Steven Sperandio, Michael Fasano, Jake Weiss, and Brice Shafer, facilitated the loan. The loan provides a refinancing option for R.D. Scinto, Inc., allowing them to leverage their condo inventory that functions as a multifamily asset at The Renaissance.
On the Map
$6,600,000
MultiFamily
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Players
Shelton MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93