CBRE Arranges $37M Freddie Mac Financing for Stamford Apartment Complex Acquisition
By Mack Burke March 25, 2019 6:13 pm
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CBRE has negotiated $37 million in Freddie Mac debt to Long Island-based family office Stamcon Holdings for its $60 million purchase of Stamford Corners, a market-rate apartment community in Stamford, Conn., Commercial Observer has learned.
The 10-year loan, which includes five years of interest only payments, went toward the purchase of the 195-unit complex in Stamford, Conn. Stamcon Holdings benefitted from a 1031 tax-deferred exchange in purchasing the asset, sources said.
CBRE’s debt and structured finance team of Jason Gaccione, Shawn Rosenthal, Tom Didio and Donna Falzarano placed the debt; the firm has been Freddie Mac (FMCC)’s No. 1 seller and servicer over the last decade.
“The product has been well-maintained and upgraded, allowing our client to take full advantage of the strong demand for multi-family housing in the Stamford market,” Gaccione said in a prepared statement.
Built in 2001, the asset—at 1455 Washington Boulevard in Stamford—features amenities such as resident lounges, covered parking, a fitness center and a courtyard with a pool. Over the last seven years, approximately 95 percent of the apartments at Stamford Corners have been renovated.
Current monthly rents at the complex range from $2,152 for one bedrooms to $3,106 for two-bedroom units, according to Apartments.com.
Stamcon Holdings could not be reached. CBRE declined to comment further on the deal.
