BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.
WINDSOR, CONN. — Metro Boston-based developer Condyne Capital will build a 185,600-square-foot industrial facility in Windsor, a northern suburb of Hartford. The project, which will be situated on a 20.6-acre site, represents an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 58). Construction is scheduled to begin late this year and be complete in the second quarter of 2024.
GUILFORD, CONN. — Marcus & Millichap has arranged the $8.2 million sale of Innovation Park, a 56,564-square-foot office building in Guilford, located in New Haven County. Thermo Fisher Scientific serves as the building’s anchor tenant. Ani Paulson and C.J. Wilson of Marcus & Millichap represented the seller in the transaction. Paulson also procured the buyer. Both parties were private investors that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …
STRATFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $23 million sale of a portfolio of two multifamily properties totaling 129 units that are located in the southern coastal Connecticut community of Stratford. Sherwood Square features 105 units in studio, one- and two-bedroom floor plans. Avon Apartments consists of 24 units, the majority of which are one-bedroom residences. Brad Balletto and Robert Paterno of NEPCG represented the seller, New Jersey-based Navarino Properties, in the transaction, and procured the buyer, Maple Leaf.
MIDDLETOWN, CONN. — A joint venture between Harbor Group International and PB Development will build Springside Middletown, a 240-unit multifamily project that will be located on the southern outskirts of Hartford. The total capitalization of the project is $83.5 million. Springside Middletown will feature one-, two- and three-bedroom units with an average size of 1,020 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, coworking lounge, pickleball courts, outdoor grilling and dining stations, a dog park, playground and walking trails. Construction is slated for a 2025 completion.
BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $39.6 million sale of The Rhodium Portfolio, a collection of 13 multifamily buildings totaling 437 units in the southern coastal Connecticut community of Bridgeport. The buildings, which are located in a variety of neighborhoods across the city, house a mix of studio, one-, two- and three-bedroom apartments. Brad Balletto of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.
CHESHIRE, CONN. — Regional investment firm Treetop Cos. has acquired CentConn Logistics, a 527,000-square-foot warehouse in Cheshire, located roughly midway between Hartford and New Haven. The sales price was $39 million. The site is fully entitled and approved for 238,668 square feet of new development. Brian Schulz, Kevin Welsh, Cory Gubner, Art Ross and Brad Soules of Newmark represented Treetop and the seller, DRA Advisors, in the transaction. Ari Schwartzbard and Thomas Lubeck, also with Newmark, arranged an undisclosed amount of acquisition financing through an undisclosed life company on behalf of Treetop.
TRUMBULL, CONN. — New Jersey-based developer Garden Communities has begun leasing The Residences at Main, a 260-unit apartment community in Trumbull, located in Connecticut’s Fairfield County. The unit mix consists of 70 one-bedroom apartments and 190 two-bedroom residences that range in size from 730 to 1,230 square feet. Amenities include a pool, fitness center, coworking lounge, package locker system and a pet park. Rents start at $2,370 per month for a one-bedroom unit.
NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.