June 7, 2006
Belfonti Associates, LLC Affiliate Refinances Croft Commons
WATERBURY, CT – Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today that one of his related entities, Scovill Commons Partners, LLC, has refinanced Croft Commons, a premiere 95,000 square-foot office building at 95 Scovill Street in the heart of Waterbury, CT, in the amount of $8.3 million.
Morgan Stanley Mortgage Capital, Inc. provided the financing, which was brokered by Epstein Canarick Corp. of Jericho, NY. This is the third transaction Morgan Stanley has closed with Belfonti Associates, LLC and its related entities. 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.
Croft Commons is a completely renovated three- and four-story office building with on-site parking that was originally constructed in 1910 as a school. It is owned by Belfonti affiliate Scovill Commons Partners, LLC, whose other partner is an entity controlled by Tom Gessler of Gessler Development. The Belfonti-Gessler partnerships represent one of the largest owners of office buildings in the City of Waterbury. They also own Waterbury Commons, an 182,500 square foot office complex in downtown Waterbury. Saint Mary's Hospital, the Social Security Administration and the City Health Department are the primary tenants of Croft Commons.
"The successful refinance of Croft Commons is one more example of ongoing revitalization of downtown Waterbury," said Mr. Belfonti. "Located just 28 miles southwest of Hartford, Waterbury is Connecticut's fifth largest municipality, providing a burgeoning local economy and convenient access to both New Haven and New York City via Metro-North."
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.