Ben Spiegel Of Redwood Capital Acquires Multifamily In Greenwich, CT For $4.4M

The multifamily property located at 168 North Water Street & 15 Beech Street in Greenwich, CT, was recently sold for $4,400,000. The property consists of 11 units spanning 11,000 square feet, equating to a per unit price of $400,000 and a price per square foot of $400. The asset was acquired by Ben Spiegel of Redwood Capital from the seller, Tom Bendheim. The transaction was facilitated by Matt Cawley of National Multifamily.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,400,000
• Units: 11
• PPU: $400,000
• SF: 11,000
• PPSF: $400
• Buyer: Ben Spiegel - Redwood Capital
• Seller: Tom Bendheim
• Broker: Matt Cawley - National Multifamily

Ben Spiegel, the buyer of the property, acquired a rare turnkey multifamily package with two off-market pocket listings. The investment is projected to achieve a 25% AAR and has an EMx of 2.0x. The property was sold at a 50% discount to the latest traded comp, offering a cap rate of over 7%. Additionally, the property boasts no deferred maintenance, condo finishes, and is 100% occupied. The deal also includes an incremental loan earn-out that enables a 35% return of capital through investor distribution. For more details, the public brochure can be accessed via Redwood Capital's online portals.