A 40-unit student-housing complex near the University of Connecticut main campus has been refinanced for a sum that will allow the landlord to make about $300,000 in improvements to the property, authorities say.
Lender Beech Street Capital LLC, of Bethesda, Md., said Tuesday it provided the $4.5 million mortgage, backed by Freddie Mac., to the owner of the Hunting Lodge Apartments, less than a mile from UConn in the Storrs section of Mansfield.
Corridor Ventures bought the apartments in 2009 and invested approximately $400,000 in new roofing, windows, vinyl siding, landscaping, back decks, and flooring, officials said. The improvements raised occupancy to 100 percent from 80 percent, Beech Street said.
Corridor President Daniel Joseph said he refinanced the 10-year note to a fixed-rate, 7-year term with a 30-year amortization schedule.
Joseph did not say what property improvements the $300,000 loan proceeds will finance.
