REBusinessOnline

CBRE Negotiates $67M Sale of Apartment Community in Manchester, New Hampshire

MANCHESTER, N.H. — CBRE has negotiated the $67 million sale of Waterford Place, a 384-unit multifamily community in Manchester. Built in phases between 2004 and 2005, the property is situated on nearly 67 acres just off I-93 and I-293. Floor plans consist of one- and two-bedroom units averaging 998 square feet. Amenities include an indoor pool, fitness center, theater room, tennis court, resident clubhouse, walking trails and outdoor grilling stations. Simon Butler and Biria St. John of CBRE …

WinnCompanies Completes $18.7M Multifamily Rehabilitation Project in Lynn, Massachusetts

LYNN, MASS. — Multifamily development and management firm WinnCompanies has completed the $18.7 million rehabilitation of Cobbet Hill, an affordable housing community located in the northern Boston suburb of Lynn. The 18-month project upgraded the interior features of 117 units, created new common areas and amenity spaces and modernized the property’s security and utility systems. The building was originally constructed in the 1930s as a public school and converted to a residential use in …

PGIM Provides $164M Loan for Refinancing of New England Multifamily Portfolio

BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than …

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in …

Montecito Acquires 30,500 SF Medical Office Building in Bedford, New Hampshire

BEDFORD, N.H. — Montecito Medical Real Estate, a healthcare investment and development firm with four offices around the country, has acquired a 30,500-square-foot medical office building in Bedford. The property, which is located just south of Manchester and about 50 miles north of Boston, was fully leased to New Hampshire NeuroSpine Institute at the time of sale. The facility was built in 2004 and features an ambulatory surgery center with two operating rooms, four prep and recovery rooms …

Blueprint Negotiates Sale of Assisted Living Community in New Hampshire

DOVER, N.H. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Wadleigh House, an assisted living community in Dover, near the Maine border. The buyer was a local operator and developer seeking to refurbish and expand the property. The price was not disclosed. The community offers a bed-and-breakfast atmosphere in a converted historic colonial home. The deal was negotiated as a sale-leaseback, offering a path to retirement for the husband-and-wife seller. The seller will …

Cornerstone Realty Capital Arranges $5.7M Acquisition Financing for Apartment Community in New Hampshire

SALEM, N.H. — Cornerstone Realty Capital has arranged a $5.7 million acquisition loan for Rosewood apartments, a 42-unit multifamily complex in Salem. Located in Rockingham County, the property consists of seven, two-story buildings situated in a cul-de-sac setting on a private lot. The property is approximately 30 miles north of Boston. Patrick Brady of Cornerstone Realty Capital secured the financing on behalf of the undisclosed borrower. The lender was also undisclosed. Terms of the …

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team …

Fantini & Gorga Secures $11M Refinancing for Shopping Center in Salem, New Hampshire

SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, …

Entertainment, Restaurant Sectors Expand Rapidly in Southern New Hampshire

Retail inventory in Southern New Hampshire totaled 29.8 million square feet in 2018, a nominal gain of 42,900 square feet from 2017. Vacancy increased 41,200 square feet, equating to a vacancy rate of 9.3 percent compared to 9.1 percent last year.  The higher rate can be mainly attributed to closings by Toys ‘R’ Us (four namesake stores and two Babies ‘R’ Us stores) and Walmart (two Sam’s Clubs).  Offsetting these closings were openings that filled several large vacancies. …

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