Noeldechen of Marcus & Millichap Capital Corp. arranges $20 million in refinancing for Montoya Apartments

Branford, CT Marcus & Millichap Capital Corp. (MMCC) has arranged a total of $20 million in refinancing for Montoya Apartments, located at Montoya Circle. Robert Noeldechen of Marcus & Millichap’s New Haven office, led the refinance. 

Regarding MMCC’s financing services, Noeldechen said, “We were able to facilitate via our relationship with this lender, monetary and non-monetary terms that met the forward-looking business strategy for the borrower and make accommodations for the borrower.” 

These terms include an 65% LTV loan with an IO period, fixed interest rate, and 28-year amortization.

The property is a 159-unit multi family garden apartment complex located in New Haven County, along the Long Island Sound.

“The Montoya is a well-located asset close to major interstates and cities in Connecticut with newly renovated units. The property is situated on a very quiet park-like setting on over 25 acres of land. There are a limited number of large tracts of land south of I-95, coupled with the easy access to major interstates which will continue to make this property highly valuable. Vacancy rates in the New Haven submarket are 3%. People enjoy living in Branford as its a very nice New England town with a good school system, places to eat, shop and worship with proximity to the beach making it a desirable place to raise a family,” Noeldechen said.