Manchester, CT — Cornerstone Realty Capital recently arranged $4.8 million for the refinance of Manchester Green, a 72-unit apartment complex in Manchester, CT.
The units, spread between four buildings, feature a mix of (32) one-bedroom, one-bathroom units, (32) two-bedroom, one-bathroom units and (8) two-bedroom, 1.5-bathroom units. With an average unit size of 708 square feet, residents will enjoy having hardwood floors, modern kitchen and bathroom finishes, and spacious living rooms and bedrooms.
Select units also include a fireplace and basement storage, while shared laundry can be found within each building. Manchester Green also offers free parking to all residents with an average of one space per unit.
Manchester is located in Hartford County, about 9 miles east of the city of Hartford. With a population of approximately 58,000, Manchester has a lot to offer to its residents. Known as the center of the American silk industry, the city is rich with history and culture and has (4) museums within the town, including the Fire Museum and a children’s museum. With The Shoppes at Buckland Hills just a short 3 mile drive from the property, residents will find they have an endless amount of shopping, dining, entertainment and employment options close by.
For outdoor enthusiasts and families, Wickham Park, a 280-acre park filled with gardens, open fields, picnic areas and sports facilities, is just an 11-minute drive to the west and Case Mountain, with both hiking and biking trails, is located about an 8-minute drive to the southeast. Manchester’s location is ideal with Interstates 84, 384 and 291 and Routes 6 and 44 running through the town, giving residents access to many key metropolitan areas, including Stamford, New York City, Boston, and Springfield. Manchester Green is the perfect location for students at Manchester Community College, located approximately 3 miles from the property. Families will also enjoy being close to Manchester High School and an elementary school, both just a few miles away.
Paul Natalizio, president of Cornerstone, added that, “The quality of the Manchester Green property coupled with the quality of its management fostered a competitive process between lenders which, in turn, resulted in strong, custom-tailored terms including a low fixed-rate and non-recourse for our client.”