Meriden, CT – Class A Apartment Complex 180 Units – 94.4% Occupied!

Below is information relating to an opportunity to acquire a $3.5 million Mezzanine Loan for Class A Apartment Complex in Meriden, CT.

The collateral consists of a Class A, garden-style apartment complex consisting of 180 units and located in Meriden, Connecticut. The property was constructed in 2005 and consists of two 4-story and two 2-story buildings containing 16 studios, 64 one bedroom, and 100 two bedroom apartments ranging in size from 658 to 1,319 square feet.

The mezzanine position matures in February 2012 and has a fixed 12% interest rate. Outlined below is the total capitalization of the asset.

Total Capitalization
Capital $ Cut-off Bal. Per Unit DSCR % LTV
First Mortgage $24,000,000 $133,333.33 1.30x 75%
Mezz $3,500,000 $152,777.78 1.00x 85.90%
Total $27,500,000 $152,777.78 85.90%

Investment Details

  • $1.83 Million NOI.
  • First Mortgage begins amortizing in February 2010.
  • The property consists of 180 Units / 176,496 square feet.
  • 94.4% Occupancy.

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