Delray Beach, FL-based developer Smith & Henzy Advisory Group has secured $37.5 million in construction financing for the development of The Pike, 151-unit multifamily located in Newington, CT.
Brad Burns, Brandon Harrington, Tyler Woodard and Chris McCook of Northmarq arranged a capital stack that included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85% LTC.
The future project consists of approximately 65 one-bedroom, and 86 two-bedroom units across the two buildings. Ten percent of the units are designated as workforce/affordable housing and limited to rents at 80% AMI.
Smith & Henzy Advisory Group is designing the project, situated near the intersection of Pane and Maselli Road, to be energy efficient to Energy Star Multifamily New Construction Standards. Amenities include lounge, community room, fitness center and outdoor recreation area.
The post Smith & Henzy Advisory Group Secures $38M to Build Community in Newington appeared first on Connect CRE.
Delray Beach, FL-based developer Smith & Henzy Advisory Group has secured $37.5 million in construction financing for the development of The Pike, 151-unit multifamily located in Newington, CT. Brad Burns, Brandon Harrington, Tyler Woodard and Chris McCook of Northmarq arranged a capital stack that included a $25 million senior construction loan with a bank, and …
The post Smith & Henzy Advisory Group Secures $38M to Build Community in Newington appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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