The Grand at Ridgewood
Acquisition of a newly-built Class A, 130-unit multifamily property located in Granby, a thriving Connecticut submarket in the heart of a regional employment hub with over 90,00 high-quality jobs in the immediate area.
Krown Point acquired the property in partnership with Connecticut Realty Trust and Jonis Realty in Q2 2020. The community received final certificate of occupancy shortly prior to our acquisition and was only 45% leased at closing. Immediately following our acquisition, our Sponsorship rolled out a leasing and property rebranding campaign bringing the community to full occupancy within 13 months from acquisition. In Q4 2021, we executed a successfully refinancing of the property’s bridge loan with $29M of long term, agency financing through Freddie Mac. The loan provided 10 year fixed rate debt and offered a significant return of the original capital investment. The property boasts condo-quality construction with elevators in every building; private balconies or patios in every unit, and luxury unit finishes including stainless steel appliances and granite countertops. Other amenities include private garages, ample surface parking, resort-style pool, fire pits and an on-site clubhouse and leasing office.