11-19 & 37 North Harbor St & 58 Bradley St, Brandford, CT
Jeremiah A. Houlihan & James K. Coleman of Houlihan-Parnes Properties have arranged acquisition first mortgage financing in the amount of $1,700,000 for the purchase of properties located at 11-19 & 37 North Harbor St & 58 Bradley St in Branford, CT. The properties contain six (6) buildings, each with two units (12 units in total), and vacant land that can be converted into additional townhouses. Each unit has over 1,200 square feet with 2 bedrooms, 1.5 baths with either a bonus room or private basement. Constructed between 1997 & 2008, the units are separately metered for all utilities, have their own laundry facilities, containing two (2) off-street parking spaces and have their own private entrance.
The loan has a 5-yr fixed interest rate with a 10-yr term with a 3.5% interest rate 30-year amortization schedule. The first two years are payable with interest only. The mortgage includes release prices in the event of a sale of individual buildings.
Purchased by an Investment Group based in White Plains, NY, this acquisition will add to their portfolio of several hundred thousand square feet of mixed-use and residential properties in Connecticut & New York. The Group intends to make significant upgrades to the properties during the “interest-only” 2-year period.