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Connecticut

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ConnecticutDevelopmentMultifamilyNortheast

AMS Acquisitions, Avenue Realty Break Ground on $95M Multifamily Project in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — A partnership between AMS Acquisitions and Avenue Realty Capital has broken ground on a $95 million multifamily project in Wilton, located in southern Connecticut’s Fairfield County. The development will offer 208 units in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, coworking space, music room and outdoor kitchens and grilling stations. Morris Betesh, Alex Bailkin and Matt O’Hanlon of Arrow Real Estate Advisors arranged a $71 million construction loan for the project through Madison Realty Capital. Scott Gance of Partners Commercial Real Estate represented the joint venture in its acquisition of the land. A tentative completion date was not announced.

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ConnecticutDevelopmentHospitalityNortheast

Private Owners Complete Redevelopment of Historic Inn in Westbrook, Connecticut

by Taylor Williams

WESTBROOK, CONN. — Private owners Meri Wick and Marcus Little have completed the redevelopment of The Captain Stannard, a historic inn located in the southern coastal Connecticut city of Westbrook. The Captain Stannard is a 10-room establishment that was originally constructed in 1872. According to the Connecticut Post, the project involved reconfiguring the main dining area, upgrading the main common area and applying fresh paint and furnishings to select areas, as well as putting new bedding in all guestrooms.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges $8.5M Sale of Student Housing Complex in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of 62 Chestnut Street, a 36-unit student housing complex that serves Western Connecticut State University in Danbury. Built in 2010, the property offers townhome-style units that come in two- and three-bedroom floor plans, some of which include attached garages. Jeff Wright and Rich Edwards of NEPCG represented the seller, a Connecticut-based developer, in the transaction. The buyer was not disclosed.

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ConnecticutHealthcareLoansNortheast

Cronheim Mortgage Arranges $7.5M in Financing for Connecticut Medical Office Building

by Taylor Williams

WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $7.5 million in financing for a 55,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1260 Silas Deane Highway was completed in 1960 and renovated in 1999 and is leased to affiliates of Starling Physicians and Hartford HealthCare Medical Group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan through an undisclosed local lender. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.

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ConnecticutHealthcareLoansNortheast

Cronheim Mortgage Arranges $6.2M in Financing for Medical Office Building in Wethersfield, Connecticut

by Taylor Williams

WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.

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AcquisitionsConnecticutIndustrialNortheast

JLL Brokers $12M Sale of Distribution Center in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — JLL has brokered the $12 million sale of a 190,646-square-foot distribution center in Manchester, an eastern suburb of Hartford. The site at 100 Sanrico Drive spans 10 acres within Manchester Industrial Park, and the property, which was fully leased at the time of sale, features a clear height of 45 feet and 24 loading positions. Michael Restivo, David Coffman and Ali Howard of JLL represented the seller, regional investment firm SkyREM, in the transaction. Sentry Commercial and Silver Edge Real Estate represented the buyer, B&D Holdings. Max Custer, Amy Lousararian, Thomas Didio Jr. and Christian Badalamenti, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal through life insurance company Ameritas.

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Stonington-Village
ConnecticutDevelopmentLoansMultifamilyNortheast

JLL Arranges $41.5M Construction Loan for Multifamily Project in Stonington, Connecticut

by Taylor Williams

STONINGTON, CONN. — JLL has arranged a $41.5 million construction loan for Stonington Village, a 160-unit multifamily project in southern coastal Connecticut. Stonington Village will consist of six buildings, including a clubhouse, pool and parking facilities. Units will come in studio, one-, two- and three-bedroom floor plans, including an affordable housing component, and the development will feature approximately 10,000 square feet of ground-floor retail space. Henry Schaffer and Madeline Joyce of JLL arranged the five-year, fixed-rate loan through Liberty Bank on behalf of the locally based developer, READCO. Completion of the first phase of construction is slated for 2027.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Negotiates $4.1M Sale of Webb Manor Apartments in Hartford

by Taylor Williams

HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $4.1 million sale of Webb Manor Apartments, a 43-unit multifamily complex in Hartford. Constructed in 1951 and recently renovated, Webb Manor offers studio, one-, two- and three-bedroom units. Recent capital improvements include a new elevator, a fully repaved parking lot and comprehensive upgrades of unit interiors. Steve Pappas and Tess Cullen of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

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ConnecticutLeasing ActivityNortheastOffice

Cushman & Wakefield Negotiates 12,000 SF Office Lease in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — Cushman & Wakefield has negotiated a 12,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Fairfield Chemical, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Negotiates $8.5M Sale of Apartment Building in Meriden, Connecticut

by Taylor Williams

MERIDEN, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $8.5 million sale of a 71-unit apartment building in Meriden, located roughly midway between Hartford and New Haven. The building at 32 Cook Ave. houses 10 studios, 27 one-bedroom units, 30 two-bedroom residences and four three-bedroom apartments. Unit interiors and building systems at the property, which was fully occupied at the time of sale, have also been upgraded in recent years. Steve Pappas of Chozick Realty represented the undisclosed seller in the transaction. The buyer was not disclosed.

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