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March 12, 2005
258-Unit Brookside Commons Refinanced for $10.85M in Ongoing Area Revitalization
HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today that one of his related entities, Brookside Commons Limited Partnership, has refinanced the 258-unit Brookside Commons Apartments with Morgan Stanley for $10,850,000.
The loan closed on March 10, 2005 at an interest rate of 5.49%. The property is located on Main Street and High Court in East Hartford, Connecticut.
According to Joe Tufariello, Senior Banker, of Morgan Stanley, "We consider Michael Belfonti to be an extremely efficient operator in the real estate business. I have always been impressed by the speed and diligence he and his organization exhibit in completing transactions." This will be the second transaction Morgan Stanley has closed with Belfonti Associates, LLC and its related entities.
The successful refinance of Brookside Commons Apartments is one more example of ongoing revitalization and increasing economic stability of the area. The property is located within walking distance of Pratt & Whitney, a United Technologies company and one of the world's largest manufacturers of commercial aircraft engines.
Another high profile employer located one mile away is the Coca-Cola Bottling Company at 471 Main Street. Brookside Commons is also near Rentschler Field, Connecticut's newest stadium and home field of the nationally-acclaimed UConn football team. The 40,000-seat stadium, which opened in July 2003 at a cost of $92 million, also hosts other sports teams and entertainment events.
"The proximity of Brookside Commons to these and other major employers makes the property very attractive to our residents who work in East Hartford and the Greater Hartford area," said Belfonti. "We are pleased with the performance of this asset and the revitalization of the area, and we plan to be a presence in the East Hartford apartment rental community for a long time," he added.
The transaction was brokered by Epstein Canarick Corp. of Jericho, New York. Belfonti Associates, LLC has also recently closed loans with Bank of America, Citigroup, Deutsche Bank, GMAC, Goldman Sachs, Merrill Lynch, UBS Warburg, and Wells Fargo, among others.
Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.