Alpha Capital Funds Secures $4.25M Construction Loan for Multifamily Properties in Middletown, CT

Alpha Capital Funds has secured a $4.25M construction loan from Stormfield Capital for the acquisition and renovation of four multifamily properties in Middletown, CT. The properties, located at 65, 75, and 80 Hillside Ave and 187-193 East Main St, consist of a total of 48 units. The loan, which has a term of 24 months, will be used to fund renovations and upgrades to the properties, including new kitchens, bathrooms, and flooring.

Tyler Smith, representing Alpha Capital Funds, said that the properties are located in a desirable area with strong demand for rental housing. He added that the renovations will allow the properties to command higher rents and increase their overall value.

Kyle Shea, representing Stormfield Capital, said that the loan was structured to provide Alpha Capital Funds with the flexibility they need to complete the renovations and stabilize the properties. He added that Stormfield Capital is pleased to be working with Alpha Capital Funds on this project.

John Libretti of Progress Capital served as the broker for the deal. He said that the transaction was a win-win for both parties, and that he was pleased to have been able to facilitate the transaction.

The multifamily properties in Middletown, CT have been attracting increased interest from investors in recent years. The city has a strong rental market, with a vacancy rate of just 2.3% as of Q4 2021, according to data from CBRE. The median rent for a two-bedroom apartment in Middletown is $1,500 per month, according to Zillow.

Overall, the acquisition and renovation of these properties is expected to generate strong returns for Alpha Capital Funds. With the help of the construction loan from Stormfield Capital, the company will be able to make the necessary upgrades to the properties and increase their value, while also providing much-needed rental housing in the Middletown area.