Updated Oct 29, 2024
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
About this deal
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.
On the Map
$4,250,000
$98/SF
MultiFamily
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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