NYC Investment Firm Lands $107M Loan to Acquire Norwalk, CT Multifamily

Real Estate In-Depth | September 2020

The Waypointe in Norwalk, CT features 464 multifamily units and 56,000 square feet of retail and restaurant space.

NORWALK, CT—New York City-based Invictus Real Estate Partners has secured acquisition financing totaling $107.25 million for its purchase of The Waypointe multifamily property here.

JLL Capital Markets arranged the financing through Freddie Mac and worked on behalf of the borrower. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. Invictus owned 10% of the 464-unit property at 515 West Ave. and according to The Real Deal, purchased the remaining 90% interest from Carmel Partners.

In addition to the 464 units, The Waypointe offers 56,000 square feet of retail and restaurant space. Apartments include one-, two- and three-bedroom units, and feature high ceilings, large windows, and modern design. Residential units are currently 93% occupied and the Class-A retail and restaurant spaces are 74% leased.

“We have been an investor in the development of these Norwalk properties since 2014, and we are happy to add The Waypointe to our portfolio,” said Eric Scheffler, managing principal of Invictus Real Estate. “This acquisition is part of our business plan to acquire institutional quality, transit-oriented multi-housing properties, concentrated in key growth markets.”

The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese, Senior Director Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins.

“The Waypointe is a multi-housing property offering easy access to New York City,” said JLL’s Aiese. “The property is a highly attractive destination in the current environment, when increasing numbers of renters are seeking high-end amenities, abundant outdoor space, flexible commuting options and a dynamic community with restaurants and retail.”

“Properties like The Waypointe, with Class-A amenities and an ideal location are rare,” added Rotchford. “The property will benefit from the growing number of renters seeking alternatives to densely populated urban areas and a better work-life balance.”

The property consists of two buildings with community amenities including two parking garages allowing 1,027 spaces for residents, a fitness center and an outdoor heated, salt-water pool. The complex is currently home to popular restaurants and retail options such as Barcelona Wine Bar, Colony Grill, and a JP Morgan Chase bank.