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November 24, 2004

Belfonti Associates, LLC Completes $7.5M Acquisition of River Hollow Apartments

HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today the recent acquisition of River Hollow Apartments, a 120-unit garden-style apartment complex in East Windsor, Connecticut, for $7.5 million, by BCP Riverview, LLC, a Belfonti-related entity, from Rivergate Investors, LLC.

This represents yet another transaction that Belfonti's group has closed with Deutsche Bank. Mortgage brokerage services were provided by Epstein Canarick Corporation of Jericho, New York. The closing occurred November 24, 2004.

"We specialize in turnaround situations and are confident that we can transform this asset from a Class "C" to a Class "A" property," said Belfonti, "especially given its prime waterfront location on the Connecticut River." The asset will be repositioned in the marketplace with a name change from Rivergate to River Hollow, with promotions that capitalize on the site's waterfront status.

Belfonti's group plans a major renovation of the property, including the addition of a clubhouse, community room, and gymnasium for the exclusive use of residents. Other renovations include a complete restoration of the buildings' exteriors, beginning with the buildings facing the river.

The site will be cleared of several trees to improve the water views and to allow more natural light to enter the units. The roofing structures will be changed from arched to pitched for added durability, and all buildings will receive new windows, new siding, and new landscaping.

"Although our portfolio includes industrial, commercial, and retail assets, our core business has always been garden-style apartment complexes," said Belfonti. "River Hollow Apartments is the perfect addition to our residential portfolio."

 

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.