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FINANCED

RIPCO Secures $35M Construction Loan For Wheelers Farm Multifamily Development

523 Wheelers Farm Road

MultiFamily
126,982 SF
clock iconFinanced 1 year ago
Steven Sperandio
Jake Weiss
Michael Fasano
+ 2
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Summary

Loan
CONNECTICUT
MultiFamily
126,982 sqft

The Wheelers Farm Multifamily Development in Milford, CT has secured a $35,000,000 construction loan from Liberty Bank. The project, overseen by landlord RIMCO, will result in the creation of a Class-A luxury multifamily development featuring 121 upscale apartments with high-end finishes and amenities. The property spans 126,982 square feet and is located in the historic City of Milford in New Haven County, Connecticut.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $35,000,000
  • Address: 523 Wheelers Farm Road
  • Market: Milford, CT
  • Loan Type: Construction
  • Loan Terms: 3 Years, 6.75% Rate, Full-Term I/O for the initial term, followed by 30-Year Amortization if extensions are exercised
  • Lender: Liberty Bank
  • Brokers: Steven Sperandio, Michael Fasano, Jake Weiss & Brice Shafer - Ripco

RIPCO's Head of Debt & Structured Finance, Steven Sperandio, and his team played a pivotal role in securing the $35,000,000 loan for RIMCO to finance the construction of the Wheelers Farm Multifamily Development. This successful collaboration will bring a state-of-the-art luxury living experience to the bustling City of Milford.

Players

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Steven Sperandio's profile picture
Steven Sperandio
Ripco-image
Executive Managing Director, Debt & Structured Finance
$1.3M Sold
Michael Fasano's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Steven Sperandio, Michael Fasano, Jake Weiss & Brice Shafer DATE: 05/24/2023 ADDRESS: 523 Wheelers Farm Road MARKET: Milford, CT ASSET TYPE: Multifamily ~ SF: 126,982 ~ UNITS: 121 LENDER: Liberty Bank LANDLORD: RIMCO BROKERS: Steven Sperandio, Michael Fasano, Jake Weiss & Brice Shafer - Ripco LOAN AMOUNT: $35,000,000 LOAN TYPE: Construction LOAN TERMS: 3 Years, 6.75% Rate, Full-Term I/O for the initial term, followed by 30-Year Amortization if extensions are exercised NOTE FROM BROKER: RIPCO’s Head of Debt & Structured Finance Steven Sperandio and his team, secured a $35,000,000 loan for RIMCO to construct Wheelers Farm Multifamily Development. This Class-A luxury multifamily development is primely located in the historic City of Milford in New Haven County, Connecticut. Once completed, the Project will produce 121 luxury apartments with best-in-class finishes and amenities.

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Address523 Wheelers Farm Road

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