Shelton’s Ridge at Sawmill gets $18.9 million in financing

Photo of Brian Gioiele
The 89-unit Ridge at Sawmill received Shelton Planning and Zoning Commission approval in 2019 and was completed in 2020, during the pandemic.

The 89-unit Ridge at Sawmill received Shelton Planning and Zoning Commission approval in 2019 and was completed in 2020, during the pandemic.

Contributed photo

SHELTON — The Ridge at Sawmill housing development is getting a financial boost.

Marcus & Millichap Capital Corp., a leading provider of commercial real estate capital markets financing solutions, announced last week the arrangement of $18.89 million in financing for the multifamily property located at 60 Beard Sawmill Road.

MMCC’s Robert Bhat, senior vice president, financed the deal.

“We’re pleased to have been able to facilitate this financing in such a competitive market,” Bhat said.

According to MMCC officials, the proceeds from the refinance are being used to provide cash to “recapitalize” the property.

“The multifamily market is rapidly growing,” Bhat said, “We were able to take advantage of confidence and renewed activity in the market with this stable and strategically situated property.”

The full term, interest-only, cash-out refinance has a 3-percent fixed rate for 10 years. The 89-unit development received Planning and Zoning Commission approval in 2019 and completed in 2020, during the pandemic.

The Ridge at Sawmill represents the final phase of the Hawks Ridge project by developer and Shelton resident A.J. Grasso on a 41-acre property previously owned by the Wells family and zoned for light industrial use.

As part of a Planned Development District, single-family homes and townhouses have been built off Long Hill Cross Road and Brightview Shelton, a senior independent living, assisted living, and memory care assisted living facility, was built at 30 Beard Sawmill Road.

The Ridge at Sawmill’s residential units have access to a fitness center, clubhouse room, and conference area.

brian.gioiele@hearstmediact.com