Belfonti Companies, LLC

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February 20, 2007

Belfonti Announces Refinance of Residential Property in Watertown, CT. - Greenbriar Hills Apartments Refinanced for $11MM

One Hamden CenterHAMDEN, CT – February 20, 2007 - Greenbriar Associates, LLC, a Belfonti Associates entity that owns the 182-unit Greenbriar Hills Apartments at Falls Terrace in Watertown, CT, recently refinanced the asset for approximately 11 million dollars. The loan was secured with JP Morgan Capital, Inc. Epstein Canarick Corp. of Jericho, NY provided mortgage broker services for the refinancing.

“This property was minimally leveraged,” said Michael Belfonti, “and now is the perfect time for us to pull out the enormous equity which we have created in this asset in order to pursue other value-added opportunities.”

Greenbriar Hills Apartments are located on approximately 23 acres of land in Oakville, a quiet residential neighborhood of Watertown, CT. The garden-style apartment homes are situated near the bus route and are convenient to schools and shopping areas, as well as to the City of Waterbury, which is located just four minutes away from Oakville. Waterbury is home to many of the area’s larger employers, including Webster Financial Corp, Les-Care Kitchens, American Bank of Connecticut, and Voltarc Technologies, Inc.

There has been recent interest by retail developers in the east end of Waterbury, and at the same time the City of Waterbury has implemented a moratorium on new residential condominium development. “The combination of these two factors is a boon for current multi-family residential owners,” said Michael Belfonti. “Since our property is located just four miles away from the City of Waterbury, it provides the ideal home for those who want to live in a quieter residential area of a small town yet have the advantage of a short commute to the business section of the City of Waterbury.”

 

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.