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

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.