Updated Oct 28, 2024
Jones Street Investment Partners Acquires Glastonbury Multifamily Property With $54.98M Fannie Mae Loan
917 New London Turnpike, Glastonbury, CT 06033
$54,980,000
Units
250
Asset Type
MultiFamily
Closing
Dec 17, 2021
About this deal
AI
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
Glastonbury 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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93