$6.3 Million Performing Multifamily Loan | Cook Avenue Apartments

Description:

For more information visit: https://rimarketplace.com/auction/3608/multifamily/meriden/ct?utm_source=brevitas&utm_medium=free_listing&utm_campaign=[month][day]_2026&utm_content=multifamily_3608

Brokered by JLL and powered by RealINSIGHT Marketplace, 32 Cook Avenue is offered as a performing first-lien note secured by a 70-unit multifamily property in Meriden, Connecticut. The loan carries an original principal balance of $6.992MM, a 3.520% fixed note rate and 360-month amortization, with a scheduled maturity of June 1, 2029. The loan is current, and no default, foreclosure, receivership or other enforcement action is presented. The collateral is a single four-story brick apartment building constructed in 1961 and thoroughly renovated in 2019, offering approximately 53,227 square feet and 62 parking spaces. The latest provided rent roll reports 64 of 70 units occupied, or 91.4%, across a mix of studio, one-, two- and three-bedroom units. Average contractual rent across occupied units is approximately $1,452 per month, ahead of the approximately $1,398 average reported listing rent. The offering gives buyers a senior position on a performing loan with roughly two and a half years of remaining term.