Newport Landings gets $20M, 2-year loan

MIDDLETOWN – Inland Mortgage Capital Corp., based in Oak Brook, Ill., announced it has provided Newport Landings LLC with a $20 million loan to finance its purchase and redevelopment of The Landings at Route 114 and Coddington Highway.
The 238-unit apartment complex, government owned and operated for decades as housing for Naval officers and their families, is to be updated for use as private apartments. The 25-acre property includes 82 buildings, totaling 249,740 square feet, that were constructed in 1941.
The property originally was served by its own, self-contained water, heat and electrical systems. Newport Landings’ plans include modernizing the utilities and hooking the complex into Middletown’s public works.
The 24-month loan will cover 90 percent of the anticipated cost of purchasing and improving the property, the lender said.
“This was an unusual acquisition for the buyer and required a lot of flexibility and thinking outside the box on our part,” said Peter Steier, vice president of Inland’s New York office.
Inland Mortgage Capital (www.inlandmtg.com) is part of the Oak Brook, Ill.-based Inland Real Estate Group of Companies Inc., one of the nation’s largest commercial real estate companies.