Jewel Capital has secured $4,500,000 to refinance a portfolio of multifamily buildings under a HAP (Housing Assistance Payments) contract in Hartford, Connecticut. A New York-based bridge lender provided the 2-year loan, which carries an interest rate of 9.50% without prepayment penalty. To accommodate the client’s urgent financing needs, Jewel Capital aggressively negotiated favorable terms, and executed seamlessly in only 5 business days from term sheet to loan closing.
The property currently has a HAP contract with the government which guarantees the payment of a significant portion of tenants’ rental payments.
The property consists of 23 buildings located on 22 tax lots plus 7 additional vacant tax lots. The subject site contains a combined total land area of 4.06 acres or 176,759 square feet. The property comprises 150 apartments, all of which are Section 8 assisted living units.
The buildings of the property are located along Albany Avenue, Belden Street, Center Street, East Street, Fairmount Street, Florence Street, Main Street, Seyms Street in the Clay Arsenal section of the city of Hartford. The surrounding area is urban in nature and densely developed with most structures built in the late 1880's through the early 1900's. Multifamily housing dominates the neighborhood with most buildings containing between 2 and 20 units.
JEWEL CAPITAL is a fast-growing commercial real estate capital advisory firm based in New York City. We are specialized in structuring and placing debt, mezzanine and equity financing in Northeast region. Our most competitive advantage is to provide our clients with tailored, best-in-class financing solutions.
For more information about JEWEL CAPITAL, please contact:
Tel.: +1 (347) 535-1314