CT Realty Trust

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Return Summary

Highlights

Right of first refusal on land
Upzoned density from 50 to 75 units
No SFR rentals in Granby

IRR*

21%

Equity Multiple*

2.3x

Holding Period

4.7yrs

* 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

CT Realty Trust developed The Grand Luxury Homes, Granby's first townhome and single-family rental community, featuring 75 homes, a pool, and a clubhouse. The project was completed under budget and reached full occupancy within a few months of receiving the final Certificate of Occupancy.

Project Timeline

Apr 2021

Exercised our right of first refusal to purchase a 35 acre parcel, adjacent to The Grand Luxury Apartments, originally approved for 50 units. Upzoned the approved entitlements from 50 to 75 units, and added a pool and clubhouse.

Sep 2021

Closed construction loan and broke ground on the first townhome and single family rental community in Granby, CT, with professional managment and luxury amenities.

Loan Terms:

Fixed Rate: 4.24%
Amortization: 30yrs (after conversion to perm)
Interest Only: 3yrs

Apr 2023

Recieved final CO on the last batch of units, at the time occupancy was already at 69%, a testament to the demand for these units in the market. Our final construction spend came in $1.6M under budget.