Arrow Closes Permanent Loan for J&M Tower on Hartford Apartments
Arrow Real Estate Advisors closed a $12,500,000 permanent financing secured by a seven-property multifamily portfolio located in Hartford, CT. The loan was arranged on behalf of J&M Tower Group and provided by Amalgamated Bank. The financing was arranged by Arrow founder and managing partner Morris Betesh, director Israel Mermelstein, SVP Morris Dabbah and associate Louis Halperin.
The 175-unit portfolio, spread across seven multifamily properties, represents a portion of J&M Tower’s growing footprint in the Hartford market. The bank loan refinanced the sponsor’s original acquisition debt and provided long-term, nonrecourse, fixed-rate financing.
“This transaction is a great example of what can happen when strong execution meets the right capital partner,” said Mermelstein. “The sponsor moved quickly to unlock value, significantly increasing income and occupancy in under a year. Despite the lack of seasoning and structural challenges, we were able to align them with a lender who understood the story, the market, and the long-term stability of the portfolio.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout