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March 22, 2024

Bloomfield apartment complex sells for $18.75M, new owner assumes $13.5M loan

CoStar Manor House Apartments in Bloomfield.

A 125-unit Bloomfield apartment complex built in 1963 recently sold for $18.75 million.

The 11, two-story apartment buildings of the “Manor House” complex at 1 Revere Drive were sold in a deal logged Feb. 16, and involved the new owners assuming a $12.3 million mortgage owed to Fannie Mae.

The seller, CT Park Holdings LLC, traces back through a series of limited liability companies to Eli Tabak and Marc Mendelsohn, founders of the New York-based real estate investment firm Bluestone Group; as well as Delaware-registered Zweig Properties LLC, which is controlled Nachum Bergman.

The new owner is Revere Bloomfield Owner LLC, which is registered in Delaware and lists a New York City address. According to the loan assumption document filed with Bloomfield’s town clerk, Solomon Kinraich is the sole member of Revere Bloomfield Owner LLC. Kinraich and Justin Goldberg, who lists a Shelton, Connecticut address, signed on as guarantors of the assumed loan.

The loan was transferred for a fee of $123,000, according to the transfer document filed with Bloomfield. The $12.3 million loan has a 3.74% interest, resulting in monthly payments of $35,779.33 to $39,612.83 – depending on the length of the month – up to the last day of interest-only payments on March 1, 2026. After that, monthly payments rise to $56,894.45.

The team of Victor Nolletti, Eric Pantore, Wes Klockner and Ross Friedel of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and secured the buyer.

Nolletti, IPA’s executive managing director of investments, said vintage real estate assets with assumable debt financing and potential to add value are “particularly in demand.”

“With one of the nation’s tightest vacancy rates and strong rent growth, the Hartford metro area continues to attract investment capital,” said Pantore, IPA’s senior vice president.

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