The Colliers Philadelphia Capital Markets team led by John Banas and Kris Wood arranged $13,700,000 in financing for the refinance of Vernon Gardens, a 152-unit apartment community located in Vernon, Connecticut.

The property consists of ten buildings, built in 1965, situated on 31 beautifully landscaped acres. The current unit mix is 102 one-bedroom units (800 square feet), 25 two-bedroom units (900 square feet), 24 two-bedroom townhouse units (1,050 square feet) and one landlord-occupied Office space (800 square feet). The property is currently stabilized at 97% occupancy.

The team secured a 5-year fixed rate loan with a 5-year reset. “This was an opportunity to capitalize on the value created in the property by our client,” said Banas. “We had arranged the original acquisition financing for the property over 3 years ago, and the new financing completes part of our client’s original business plan,” added Wood.

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