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Jones Street Investment Partners Acquires Glastonbury Multifamily Property With $54.98M Fannie Mae Loan

Property Image
FINANCED
$54,980,000
Susan Larkin
Michael Riccio
Anna Paladino

Connecticut

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MultiFamily
Financed 12/17/2021
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Property Image
FINANCED

Jones Street Investment Partners Acquires Glastonbury Multifamily Property With $54.98M Fannie Mae Loan

917 New London Turnpike, Glastonbury, CT 06033

See Similar Deals
MultiFamily
Financed 12/17/2021
Susan Larkin
Michael Riccio
Anna Paladino
the dealplayerscompscontact
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Summary

CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Loan

The multifamily property located at 917 New London Turnpike in Glastonbury, CT has recently undergone a transaction. The property spans over 32 acres and consists of 250 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $54,980,000
  • Loan Type: Acquisition
  • Loan Terms: long-term fixed-rate senior loan
  • Lender: Fannie Mae
  • Landlord: Jones Street Investment Partners
  • Brokers: Michael Riccio, Susan Larkin & Anna Paladino - CBRE Capital Markets

The loan of $54,980,000 was provided by Fannie Mae. The acquisition loan is a long-term fixed-rate senior loan. Representing the transaction were brokers Michael Riccio, Susan Larkin, and Anna Paladino from CBRE Capital Markets. The landlord, Jones Street Investment Partners, facilitated the deal.

Players

Michael Riccio
CBRE
Michael Riccio
3 deals$120.9M volume
BROKER
Susan Larkin
CBRE
Susan Larkin
2 deals$86.4M volume
BROKER
Anna Paladino
CBRE
Anna Paladino
3 deals$120.9M volume
BROKER
JP
Jones Street Investment Partners
LANDLORD

Details

FINANCED
IMAGE: Michael Riccio & Susan Larkin DATE: 12/17/2021 ADDRESS: 917 New London Turnpike MARKET: Glastonbury, CT ASSET TYPE: Multifamily ~ UNITS: 250 ~ ACRES: 32 LENDER: Fannie Mae LANDLORD: Jones Street Investment Partners BROKERS: Michael Riccio, Susan Larkin & Anna Paladino - CBRE Capital Markets LOAN AMOUNT: $54,980,000 LOAN TYPE: Acquisition LOAN TERMS: long-term fixed-rate senior loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$54,980,000.00

Monthly NOI$366,533.33
Monthly Debt Service$347,511.00
Change in Cash Flow$0.00
Refinance Proceeds$0.00