Anchor Pointe Apartments

Shem Creek financed the acquisition of Anchor Pointe Apartments with a three-year bridge loan. The loan proceeds facilitated the purchase and renovation of the 107-unit, garden-style, multifamily property in the stable submarket of Groton, Connecticut.

This Class B apartment complex is located across the street from General Dynamics Electric Boat. This world-class designer-builder of nuclear submarines for the U.S. Navy has a robust construction pipeline projected decades into the future, thus providing a built-in demand driver.

Due to outdated units and passive management by prior long-term owners, in-place rents for the property were well below market value. The sponsor made renovations to enhance the finish of unit interiors as well as common areas, adding significant value by enabling materially higher rents.