November 13, 2006
Belfonti Associates Announces Acquisition of New Haven Property -
West Gate Town Homes Purchased for $10,200,000
HAMDEN, CT – November 13, 2006 - Michael Belfonti, President and CEO of Belfonti Associates, announced today the purchase by Belfonti-related entities of the 134-unit, West Gate Town Homes in New Haven, Connecticut for $10,200,000. The residential apartment property is located at 35 Cooper Place. The permanent loan closed with Capmark Finance, Inc. on October 24, 2006.
Belfonti’s property management affiliate, MCR Property Management, Inc., had taken over the management of the asset several months prior to the closing. “We negotiated a special arrangement with the prior owner that allowed us to begin renovating the asset prior to closing on it,” said Michael Belfonti. “We also implemented an aggressive lease-up campaign right away, and in this way we were able to begin adding value to the property even before the sale was complete.”
The Belfonti Companies own over 2,000 apartment units throughout Connecticut and in Indiana. West Gate is the second property the group has purchased in recent years in New Haven County. The first was Briarwood Hill Apartments, located in North Haven and purchased in 2005.
“New Haven County has a diverse economic base, with its cornerstone being Yale University, which is located just minutes from our new property,” said Michael Belfonti.
Belfonti’s Connecticut headquarters are also located near both West Gate Town Homes and Briarwood Hills Apartments in nearby Hamden, Connecticut.“Our proximity to both properties afford us the opportunity to provide extensive oversight of these assets,” said Belfonti.
The permanent loan transaction was brokered by Epstein Canarick Corporation of Jericho, New York.
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.