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East End Portfolio
Details
Location
Return Summary
Highlights
- Purchased out of foreclosure
- Physically distressed
- Below market rents
IRR*
Equity Multiple*
Holding Period
* For active deals, IRR and EM return metrics are projected values that are underwritten with realized distributions, projected distributions, and a conservaitve terminal value.
Project Description
The East End Portfolio, acquired by CT Realty Trust in December 2013, currently consists of three properties with 88 units still owned out of a total of 158 units transacted. Through strategic refinancing and key sales, the portfolio has distributed significant returns to investors. Notable transactions include the sale of 2258 Fairfield Ave, 215 Barnum Ave, and 1873 Stratford Ave, along with the purchase of 170 Read St.
Project Timeline
Dec 2013
Initial purchase of the 5-property, 150-unit portfolio in Bridgeport, CT, for $6.4M, with an additional $800K for renovations.
Aug 2016
Refinanced the portfolio with a blanket mortgage of $8M, distributing $3.2M to investors.
Jul 2019
Sold 2258 Fairfield Ave for $2.79M, paying down the mortgage by $1.16M and distributing $1.5M to investors.
Feb 2020
Purchased 170 Read St, 8 units, for $545K using cash on hand.
Jul 2021
Sold 215 Barnum Ave for $2.6M and distributed $2M to investors.
Jan 2023
Added a 2nd mortgage of $2.5M with the current bank, co-terminus with the 1st mortgage maturing in August 2026. This additional leverage resulted in a $1.85M distribution to investors.