April 24, 2006
Belfonti Associates, LLC's Affiliate Refinances Woodgate Apartments
ENFIELD, CT– Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today that one of his related entities, Enfield Woods, LLC, has refinanced Woodgate Apartments, a premiere community of 208 one and two-bedroom apartment homes located in the historic district of Enfield, CT, in the amount of $8.25 million.
JPMorgan Chase Bank, N.A. provided the financing, which was brokered by Epstein Canarick Corp. of Jericho, NY. A part of the expansive Belfonti residential portfolio since 1988, the Woodgate Apartments are located just minutes from Hartford, Springfield and the regional airport, close to shopping, dining, churches and schools.
Woodgate Apartments' private grounds include lovely woodland trails, a private in-ground swimming pool, on-site laundry facilities and clubhouse. These apartment homes feature spacious floor plans, large walk-in closets, fully applianced kitchens, ceiling fans, air conditioning, and a balcony, deck or patio. The rent includes heat and hot water, and units are cable ready with high speed internet availability.
"Because of the inevitable rise of interest rates, we took advantage of a fixed-rate, low interest loan. This removes one more risk variable from our continually growing portfolio," said Mr. Belfonti. "Reducing interest rate risk is a critical component in our business model, especially given today’s highly competitive and uncertain market."
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.