BRT Receives $35M for Southwest Connecticut Asset

Reystone was the lender for Fannie Mae refinancing.

BRT has secured $35 million for Barnbeck Place Apartments in Brookfield, Conn. Greystone arranged a fixed-rate Fannie Mae DUS with a five-year amortization schedule. Yardi Matrix indicates that Greystone, who also originated the loan, arranged a $35 million CMBS from Citibank for 2021.

Barnbeck Place, which was completed in 2015, consists of one- and two bedroom apartments that range from 450 square feet to 1,240. One fifth of the apartments are affordable and reserved for those earning up to 80% of the median income in the area. Apartments include washers and dryers in the unit, private decks, and vaulted-ceilings. A clubhouse, fitness center with a yoga room, and 330 parking spots are also included in the community. Barnbeck Place had 98.2 % occupancy at the time of sale.

The property, located at 398 Federal Road near Highway 7 and Highway 202 in Fairfield County is just off Highway 202. Central Brookfield, located 2 miles from the community is approximately 55 miles south.

Greystone’s Senior Managing Directors Dan Sacks and Avi Kozlowski originated the financing. Platinum Capital Group acted as a correspondent in the deal. Sacks & Kozlowski recently provided $40.1 million in financing to two properties totaling 408 apartments in Indianapolis. The same duo also participated in the sale last month of a community with 100 units in Decatur Ga.