Cornerstone Realty Capital Arranges $33.7 Million for the Refinance of a Luxury Apartment Property and a Corporate Center in Middletown, CT

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Middletown, CT — Cornerstone Realty Capital recently arranged $33.7 million for the refinance of a new luxury apartment property and a mixed-use corporate center.

The apartment property features a total of (93) spacious units with a mix of (15) studio units, (55) one-bedroom, one-bathroom units, (5) one-bedroom, one-bathroom units with a study and (18) two-bedroom, two-bathroom units. Units range in size from 578 square feet to 1,153 square feet with first class finishes and open floor plans. There’s hardwood flooring in the living, dining and bedroom areas, and vinyl tile in the kitchens and bathrooms.

Kitchens also include granite countertops, stainless-steel appliances, and modern finishes while the bedrooms each include a walk-in closet. Washer and dryers are found in each unit as well and select units feature a private balcony, some that include a view of the scenic Connecticut River.

The property’s amenities include a 24-hour video monitoring service, a large community room with a beer tap, a state-of-the-art fitness center, a beautifully landscaped roof deck, a small dog park, and an outdoor courtyard with a grilling area and fire pits. The property also features three retail spaces on the ground floor and 120 garage parking spaces.

At the rear of the apartment property sits the corporate center which includes 161,388 square feet of commercial space and 1,074 garage parking spaces. The property has expansive views of the Connecticut River and includes an on-site cafeteria, fitness center, and shared meeting spaces. Some of the current tenants include an insurance company, doctors’ offices and clinics, and an engineering services company.

With a bustling downtown that continues to grow and evolve, Middletown has a lot to offer to its residents, with many of the town’s amenities within walking distance from both properties. The trendy Main Street area is just a 10-minute walk from and is lined with an abundance of diverse and award-winning restaurants, shopping outlets, breweries, entertainment options, and more.

The properties sit just under 0.5 mile away from Wesleyan University, making the apartment property a perfect location for faculty, students looking to live off-campus, and recent graduates. Middletown has seen a recent uptick in young professionals residing in the area, with many being Wesleyan University graduates, due to the employment opportunities within town, it’s bustling downtown scene, varied landscapes, and its close proximity to two major cities: Hartford, 16 miles to the north, and New Haven, about a 30-minute drive south. Middletown is home to some of Connecticut’s top employers, including Aetna, Pratt and Whitney, Liberty Bank, and Middlesex Hospital which is located around the corner from both properties. Both properties are within 2 miles from Interstate 91 and Route 9 with direct access to Interstate 95.

Charles Hajjar, founder and president of Hajjar Management Company, stated that, “Middletown’s proximity to a highly touted university in Wesleyan, range of employment options, and expanding entertainment and nightlife district will all contribute to the prolonged success of these pivotal properties in this burgeoning market. Cornerstone, a longtime trusted partner and resource, was able to not only provide exceptional terms, but also remained consistently involved throughout the process allowing for the most advantageous result across the board.”