ValueXpress has arranged a $2.4-million loan for the purchase of a 68-unit apartment complex located in Hartford, Connecticut. Constructed in 1968, the property is in an urban area of Hartford desired by blue collar residents because of walking access to employers and amenities. The property consists of five four-story brick walk-up buildings featuring a mix of studio, 1-, 2-, 3- and 4-bedroom units. The property was 100% occupied at closing. 
The transaction was challenged by the discovery of multiple former underground oil storage tanks reportedly removed in the early 1990s, but with limited documentation. As a result, the tanks presented a recognized environmental condition (REC) that prevented a closing. ValueXpress obtained an environmental insurance policy on behalf of the borrower for the term of the loan that mitigated the concern.
Mike Sneden, Executive Vice President at ValueXpress, originated the loan on behalf of this long-time client. “The transaction posed a few hurdles, including the environmental issue,” noted Sneden, “but we have seen them all before and provided optimum solutions for each based on our extensive experience in closing CMBS conduit loans.
For your next multifamily loan, call Mike at 212-883-6447 or email him at mikes@valuexpress.com.
