NorthMarq Arranges $16.9 Million Refinancing For Milford Beach And Newport Apartments In Milford CT

The transaction involved Milford Beach Apartments and Newport Apartments, located at 71 Joy Road & 94 Robert Treat Drive in Milford, CT. The asset is classified as multifamily housing. The refinancing was arranged for a total amount of $16,900,000, structured as a five-year interest-only loan through Freddie Mac. This financing supports affordable housing initiatives within the market of Milford.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $16,900,000
• Broker: Robert Ranieri - NorthMarq
• Date: 10/25/2024
• Market: Milford, CT

Robert Ranieri of NorthMarq represented the deal, marking a continuation of a long-term relationship with the borrower involved in this financing transaction. The structure of the loan reflects a focus on supporting affordable housing projects in the area.