Northmarq arranges $10.6 million Freddie Mac refinancing for two multifamily properties in Waterbury, Connecticut
WHITE PLAINS, New York (Jan. 4, 2024) – Robert Ranieri, senior vice president/managing director of Northmarq’s Greater White Plains regional office arranged financing for two multifamily properties in Waterbury, Connecticut. The two properties, Scott Gardens Apartments and P.R. Scott Apartments, received refinancing totaling a combined $10.6 million. Each fixed rate transaction was structured with a five-year interest only term. Northmarq arranged financing for the borrowers through its Optigo status as a Freddie Mac lender.
“This was the third time Freddie Mac has refinanced these loans with a long-term Freddie Mac borrower,” said Ranieri. “The properties are 100% mission driven and are well maintained and occupied. These assets provide very affordable rents in a Waterbury market that has a shortage of quality affordable housing.”
Scott Gardens Apartments, a 100-unit multifamily property located on Stonefield Drive in Waterbury, Connecticut received refinancing of $3,950,000. The garden style property, constructed in 1970, features a mix of one-, two- and three-bedroom units in 13 buildings on approximately 7.4 acres.
P.R. Scott Apartments, a 176-unit multifamily property located at Stonefield Drive in Waterbury, Connecticut received refinancing of $6,650,000. The garden style property, constructed in 1972, features a mix of one-, two- and three-bedroom units in 22 buildings on a spacious 22-acre site.
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