The Grand Ryefield
Details
Location
Return Summary
Highlights
- Upzoned from 71 units to 90
- Class A construction
- Off market transaction
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
CT Realty Trust acquired The Grand Ryefield, a 90-unit Class A property, through an off-market transaction in September 2022. Initially contracted in March 2022, the site plan was optimized to increase density from 71 to 90 units during the contract period, adding a clubhouse, pool, and other amenities. By May 2023, construction financing was secured, and ground was officially broken on the development.
Project Timeline
March 2022
Entered into contract to purchase a 40-acre off-market parcel, originally approved for 71 units, for $1.4 million. Began the process of working with the town to optimize the site plan and increase the density during the contract period.
September 2022
Closed the purchase of the land after successfully increasing the density to 90 units and adding a clubhouse, pool, among other amenities to the approved site plan.
May 2023
Secured construction financing with Centreville Bank and officially broke ground on the development.
Loan Terms:
- Fixed Rate: 6.73%
- Amortization: 30yrs (after conversion to perm)
- Interest Only: 3yrs
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