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The Berkeley and Quincy Lofts at Waypointe
$53,500,000 Refinance & TI/LC Financing
Norwalk, CT | April 2019
Thorofare Capital has funded a $53,500,000 institutional loan for the refinance of The Berkeley and Quincy Lofts, a two-building portfolio of Class “A” multifamily assets in the Waypointe District of Norwalk, Connecticut.
The portfolio consists of 198 units with ground floor retail spaces. The properties were introduced to the market following construction completion in 2017 and have achieved stabilized occupancy. The five-year, floating rate, interest-only financing was utilized by the borrower to retire its original senior construction and mezzanine debt with additional future funding available to cover retail space leasing costs.
The luxury residential for-rent buildings features in-home washer and dryers, gourmet kitchens, stainless steel appliances, private balconies, exercise facilities, rooftop decks, game rooms, a shuttle service and over 9” ceilings in select units.
The sponsor is a joint venture between a local operator and a private equity real estate fund operator.