Rochester, NH Brady Capital Advisors, LLC (BCA) arranged and facilitated $13.8 million financing for Country Brook Estates Apartments, a 96-unit, garden-style, multifamily property on 63 acres located at 68 Hemingway Dr. for a closing that took place on January 7.
BCA arranged financing on behalf of the developer, Elm Grove Companies, who are a vertically integrated real estate investment, development, brokerage, management, and construction firm with 1,500 apartment units under ownership and management across New England. BCA was able to originate a fixed-rate acquisition loan of $11.85 million, representing 75% loan-to-purchase through Partners Bank. BCA was also able to facilitate subordinate financing from two Community Development Financial Institutions (CDFIs), the New Hampshire Community Loan Fund, and The Genesis Fund, in the amount of $2 million.
“We were grateful to work alongside Partners Bank, Genesis Fund, and the New Hampshire Community Loan Fund in securing three separate sources of financing for the acquisition of Country Brook Estates. The responsiveness and attention to detail were exemplary across the board,” said Patrick Brady, president of Brady Capital Advisors. “Additionally, a great deal of credit is due to the law firms of Sheehan Phinney, Drummond Woodsum and Preti Flaherty, who all helped accommodate an expedited closing. And last but certainly not least, to the entire team at Elm Grove Companies, for their professionalism in transacting.”