Greenwich Multifamily Properties Refinanced
Carl Gaines Oct. 31, 2012, 7:30 a.m.
HFF has arranged $96 million to refinance two multifamily properties in the New York City metro area. The properties—located in Greenwich, Conn.—include a total of 396 apartment units. The financing was arranged on behalf of LCOR, which was acquired by the California State Teachers’ Retirement System earlier this year.
Senior managing director Jon Mikula and managing director Jim Cadranell led the HFF team on the deal, which resulted in two fixed rate loans.
Greenwich Place, at 311 Putnam Green, will receive a $41 million loan and Greenwich Oaks, at 219 Weaver Street, a $55 million loan. The financing was through lender Allianz Real Estate of America. Neither property had debt when the deals were arranged.
Greenwich Place includes 266 one-, two- and three-bedroom apartments. It sits on 30 acres. Greenwich Oaks is on 29 acres and includes 130 two- and three-bedroom apartments. Both apartment communities were recently renovated.