Old Saybrook, CT CBRE Capital Markets’ Debt & Structured Finance team has arranged a $31.875 million loan for the acquisition of Post & Main Apartments.
The CBRE Hartford team of Michael Riccio, Susan Larkin, and Anna Pfau secured the competitively priced, fixed rate loan on behalf of the Connecticut based partnership including Lexington Partners, LLC and LAZ Investments, LLC and Freiman Capital Group among other investors. Financing was provided by Freddie Mac.
The property, located at 7 North Main St., is a 186-unit garden-style development completed in 2017. The class A property features a clubhouse, eight three-story apartments buildings that house one and two-bedroom units. The property is in a shoreline community and is close to the commercial areas along Main St. and Rte. 1 with access to I-95 and walking distance to the train station, served by Amtrak, where drivers will be able to find parking with access to New York City, Boston and Washington DC.
Post and Main includes 10.78 acres and has a decidedly New England Town Village look with stately architecture trimmed with stone, dormers, pillars and vinyl clapboard and shingled exterior façade. The interior finishes include private balconies, granite countertops, pendant accent lighting over the kitchen galley countertop, subway tile backsplash treatment behind the kitchen stove, stainless steel appliances, USB outlets in bedrooms and kitchens, luxury plank floors in the living areas including the bathrooms and Berber Carpet in the bedrooms, and in-unit washer and dryers.
Post and Main provides residents with a best-in-market amenity package inclusive of a luxury clubhouse with Wifi-Zone, a game room, fitness room, chefs California kitchen, Starbucks Coffee Bar & Resident Lounge, in-ground pool, cabana areas, grilling stations, a dog park, community bikes, 334 total parking spaces including 54 garages, as well as unrivaled proximity to Downtown Old Saybrook.
“Post and Main is a beautiful property that has a unique and irreplaceable location in the heart of the center of historic Old Saybrook. It has virtually no competition that has the amenities and the walkability to fine dining and shops. The Freddie Mac loan we placed on the property will allow the new owners to execute their business plan to improve the property, enhance the tenant experience, and provide excellent returns to their investors,” said Riccio.
“This property checks all the boxes as a transit oriented residential community with a prime town center location, state of the art interior and exterior finishes and an amenity package offering what today’s renters by choice are looking for,” said Marty Kenny, president of Lexington Partners LLC. “The Freddie Mac loan product is one of the most desirable in the marketplace,” Kenny said. “Mike Riccio’s CBRE team made what can be a cumbersome process into a very user-friendly exercise.”