Connecticut

BDP Holdings Acquires 310,094 SF Office Complex in Shelton, Connecticut

by Taylor Williams April 12, 2022

SHELTON, CONN. — New Jersey-based investment firm BDP Holdings has acquired 27 and 35 Waterview Drive, a 310,094-square-foot office complex in the southern coastal Connecticut city of Shelton. The waterfront complex includes warehouse and engineering space and was fully leased at the time of sale to global technology company Pitney Bowes. Amenities include a cafeteria, fitness center, outdoor amenity spaces and a medical clinic. Jon Mikula, Michael Klein and Ryan Carroll of JLL arranged a $31.3 million acquisition loan for the deal through Ladder Capital Finance on behalf of BDP Holdings. The loan carried a 10-year term and a fixed interest rate.

April 12, 2022

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 240-Unit Multifamily Property in Norwalk, Connecticut

by Taylor Williams April 11, 2022

NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.

April 11, 2022

Connecticut Industrial Loans Northeast Office

Red Oak Provides $10M Loan for Refinancing of Industrial, Office Property in Bloomfield, Connecticut

by Taylor Williams April 11, 2022

BLOOMFIELD, CONN. — Michigan-based lender Red Oak Capital Holdings has provided a $10 million loan for the refinancing of an industrial and office property located in the northern Hartford suburb of Bloomfield. South Campus at Gillette Ridge comprises a 435,853-square-foot office building, a 101,652-square-foot warehouse and a 40,688-square-foot flex building on a 50.8-acre site. Amenities include a fitness center, conference center, full-service kitchen and a cafeteria. The undisclosed sponsor plans to use a portion of the proceeds to fund capital improvements.

April 11, 2022

Acquisitions Connecticut Multifamily Northeast

KABR Group Acquires Two Apartment Communities in Stamford for $41.3M

by Taylor Williams April 5, 2022

STAMFORD, CONN. — New Jersey-based development and investment firm KABR Group has acquired The Verano and The Moderne, two apartment communities totaling 116 units in the southern coastal Connecticut city of Stamford, for $41.3 million. Both communities feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include fitness centers, theater rooms, lounges and rooftop decks. Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce of JLL represented the seller, Navarino Capital Management LLC, in the transaction. KABR Group acquired the properties via a joint venture with an undisclosed private family office. Jared Kaufman of Greystone originated acquisition financing for the deal. The new ownership plans to implement value-add programs and rebrand the properties.

April 5, 2022

Acquisitions Affordable Housing Connecticut Multifamily Northeast

CPP Acquires 176-Unit Woodland Hills Apartments in Torrington, Connecticut

by Taylor Williams March 28, 2022

TORRINGTON, CONN. — Community Preservation Partners (CPP) has acquired Woodland Hills Apartments, a 176-unit affordable housing community in Torrington, located west of Hartford. The property comprises 14 buildings on a 19-acre site. Units are reserved for households earning 50 percent or less of the area median income. The seller was not disclosed. Between acquisition and costs of executing a 10-month capital improvement program, CPP’s total investment is nearly $40 million.

March 28, 2022

Connecticut Development Northeast Office

Clarion, Marcus Partners Near Completion of 1.4 MSF Office Renovation Project in Norwalk, Connecticut

by Taylor Williams March 25, 2022

NORWALK, CONN. — A partnership between New York City-based Clarion Partners and Boston-based Marcus Partners is nearing completion of the renovation of Merritt 7, a 1.4 million-square-foot office campus in the southern Connecticut city of Norwalk. Following completion of the capital improvement program, the six-building campus will feature energy-efficient utility systems and upgraded amenities. Merritt 7 now houses two food halls with indoor and outdoor seating, 10,000 square feet of conference space, 60,000 square feet of outdoor amenity space, a fitness center, hair salon and car detailing service. The partnership has tapped JLL to provide leasing services for the upgraded building. Gensler served as the architect of the renovation program.

March 25, 2022

Acquisitions Connecticut Multifamily Northeast

Carmel Partners Buys 209-Unit Multifamily High-Rise in Stamford, Connecticut

by Taylor Williams March 15, 2022

STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.

March 15, 2022

Acquisitions Connecticut Industrial Northeast

Lyman Real Estate Arranges Sale of 96,000 SF Industrial Facility in Norwich, Connecticut

by Taylor Williams March 9, 2022

NORWICH, CONN. — Locally based firm Lyman Real Estate Brokerage & Development has arranged the $6.8 million sale of a 96,000-square-foot industrial facility within Norwich Business Park in the southern coastal part of the state. Ron Lyman of Lyman Real Estate Brokerage & Development represented the seller, Nutron Manufacturing, which vacated the property in 2019, in the transaction. The buyer, an entity doing business as 5 Wisconsin Owner LP, has subsequently leased the building to S&S, a purveyor of arts, crafts, athletic equipment and other recreational/educational products.

March 9, 2022

Affordable Housing Connecticut Loans Multifamily Northeast Walker & Dunlop

Walker & Dunlop Provides $302.2M Agency Loan for Refinancing of Connecticut Multifamily Portfolio

by Taylor Williams March 8, 2022

BETHESDA, MD. — Walker & Dunlop has provided a $302.2 million Freddie Mac loan for the refinancing of a portfolio of 10 multifamily properties totaling 2,286 units in central Connecticut. The properties have construction dates ranging from 1926 to 2008. About 75 percent of the units have income restrictions that qualify them as affordable housing under FHA guidelines. Taylor Williams led a Walker & Dunlop team that originated the financing on behalf of the borrower, New York City-based Beachwold Residential.

March 8, 2022

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

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