Alpha Capital Funds Acquires Multifamily Property In Middletown, CT For $4.25M Loan
80 Hillside Avenue
$4,250,000
$98/SF
Building Size
43,000 SF
Asset Type
MultiFamily
Closing
Mar 31, 2023
AI
Alpha Capital Funds has secured a construction loan of $4,250,000 for a multifamily property in Middletown, CT. The property, located at 65, 75, and 80 Hillside Ave & 187-193 East Main St, spans approximately 43,000 square feet and comprises 49 units. The loan was provided by Stormfield Capital, represented by Kyle Shea.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,250,000
- Address: 65, 75, 80 Hillside Ave & 187-193 East Main St
- Market: Middletown, CT
- Square Footage: 43,000
- Units: 49
John Libretti from Progress Capital represented the borrower, Alpha Capital Funds, in this transaction. Kyle Shea served as the lender's representative for Stormfield Capital.
Players
Middletown MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.73%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93