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February 17, 2005
176-unit Deerfield Apartments Refinanced for $8.25M in Windsor, CT
HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today that one of his related entities, Three Deer Associates Limited Partnership, has refinanced the 176-unit Deerfield Apartment complex with Bank of America for $8,250,000. The property is located on Windsor Avenue in Windsor, Connecticut.
According to Belfonti, the transaction made sense for several reasons. "With interest rates at historical lows and the ability to lock in for a 10-year term, we knew it was time to move forward with this refinance," he said.
The loan closed today at an interest rate of 5.275%. "In addition, the transaction offered us yet another opportunity to pull additional equity from one of our core assets and to continue expanding our Connecticut portfolio," he said.
Some of the funds generated from this refinance will be used to continue an extensive capital improvement program at the site. Belfonti's group plans to continue with the installation of new windows, siding, kitchens, and bathrooms. Built in 1968, the property boasts a beautiful country setting while being only minutes from Hartford. The renovations will further enhance its current appeal to existing and prospective residents.
Belfonti Associates, LLC recently closed loans with Wells Fargo, Citigroup, Deutsche Bank, GMAC, Goldman Sachs, Merrill Lynch, Morgan Stanley, and UBS Warburg, among others, but this is the first transaction they have closed with Bank of America. "We are pleased with the new relationship and look forward to working with Bank of America on future deals," said Belfonti.
The Deerfield refinance was brokered by Epstein Canarick of Jericho, NY. The firm represented both the mortgagor and mortgagee.
Belfonti Associates, 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.