Upscale housing for Brookfield - Westfair Communications

HKS Capital Partners, a New York City-based commercial real estate finance and advisory firm, has negotiated a $24.6 million ground-up construction loan for a planned three-story, multiresidential complex in Brookfield featuring 165 units described as upscale.

The 132,348-square-foot proposed development site is to be called Barnbeck Place Apartments, the company reported.

The 24-month loan rate “is below 3 percent (250 over the one month LIBOR with no floor),” the company reported.

“Our clients are highly experienced and sophisticated developers and property managers whose organization has been in operation for over 50 years, with completed projects in prominent locations throughout Connecticut and New York,” said HKS principal John Harrington.

“The borrowers own and operate over a thousand rental units in this market, they have a strong understanding of the local economy and rental market which told them that they see a growth opportunity for this type of asset in this area,” said Harrington. “They feel that this specific project would be a perfect fit for the general location and the related amenities and services that have recently been developed on the adjacent lots. This was a long awaited project that was well planned, and was mobilized because the right loan was structure.”