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August 5, 2004

Belfonti Associates, LLC Completes $22M Refinance of Groton Estates

HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today the recent $22 million refinance of Groton Estates, a 348-unit apartment complex in Groton, Connecticut, by Groton Estates, LLC, a Belfonti-related entity.

"When we acquired the property in July 2002 for $13.4 million, it was an ideal turn-around candidate," said Belfonti. "We immediately began an aggressive renovation and stabilization process, which will continue until the project reaches its full potential. We estimate that the total cost of the renovation will eventually exceed $5 million."

Belfonti explained that what originally attracted him to the property was its location. "Southeastern Connecticut had and continues to show tremendous growth potential, and the area is one of the fastest growing in the state," said Belfonti. "Our property lies in close proximity to Pfizer, the Mohegan Sun Casino, Foxwoods Resort Casino, the Groton Submarine Base, and Connecticut College," he said.

The transaction was funded by Archon Financial LP, a subsidiary of Goldman Sachs, and the mortgage financing was brokered by Epstein Canarick Corporation of Jericho, New York. The transaction closed on August 5, 2004.

 

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.