MYSTIC, CONN. — New York City-based Dwight Capital has provided a $29 million bridge loan for the refinancing of Harbor Heights Apartments, a 121-unit multifamily asset in Mystic, located in the southern coastal part of Connecticut. The property was built on 10.5 acres in 2020 and offers a pool, fitness center, clubhouse with a kitchen, dog park and outdoor grilling areas. Daniel Malka and Jacob Gauptman of Dwight Capital originated the loan. The undisclosed borrower will also use a portion of the cash-out proceeds to fund predevelopment costs for a second phase of the property, a 72,000-square-foot surgical center.
NORWICH, CONN. — Solar Seal, a manufacturer of insulated glass units, has signed a 201,000-square-foot industrial lease at 40 Wisconsin Ave. in Norwich, located in Connecticut’s New London County. According to LoopNet Inc., the property was built on 25 acres in 1980 and features a clear height of 28 feet. Nicholas Morizio and Sean Kumnick of Colliers represented the tenant and the landlord, an affiliate of Massachusetts-based Grossman Cos., in the lease negotiations.
MILFORD, CONN. — CBRE has negotiated the sale of Milford Plaza, a 180,315-square-foot shopping center located in the southern coastal part of the state. Anchored by grocer G-Mart, Milford Plaza was 65 percent leased at the time of sale, with other tenants including Planet Fitness, Dollar Tree and Hartford Healthcare. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, The Hampshire Cos., in the transaction. The team also procured the buyer, Northpath Investments. Michael Klein, Max Custer and Ryan Carroll of JLL arranged $9 million in fixed-rate acquisition financing through Easthampton Savings Bank on behalf of the new ownership.
BRISTOL, CONN. — Marcus & Millichap has brokered the $5 million sale of a 69,494-square-foot industrial property in Bristol, located in Hartford County. The property was built in 1969 and renovated in 2020. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer. Both parties requested anonymity.
STAMFORD, CONN. — Digital Currency Group, which invests in bitcoin and other blockchain technology companies, has signed a 90,000-square-foot office lease in Stamford. The company will occupy two floors at Shippan Landing, a 17-acre, six-building waterfront office campus that is owned by a joint venture between an affiliate of Rubenstein Partners LP and George Comfort & Sons. The lease term is 12 years, and Digital Currency Group plans to relocate from 250 Park Avenue in Manhattan in late 2022. Michael Mathias of Savills represented the tenant in the lease negotiations. Trip Hoffman, Mike Norris and Adam Klimek of Cushman & Wakefield, along with internal agents Peter Duncan and Dana Pike, represented ownership.
SHELTON, CONN. — JLL has negotiated an 80,000-square-foot build-to-suit commercial lease in Shelton, located in the southern coastal part of Connecticut. The tenant, Ranpak Corp., a provider of paper-based packaging products, has committed to 33,000 square feet of office space and 47,000 square feet of research and development and warehouse space. Evan Behr, Ian Ceppos and Patrick Lennon of JLL represented the tenant in the lease negotiations. JLL also represented Ranpak in its site selection and is overseeing development of the space, which was designed by Locus Design Collaborative. Construction of the space, which will also house a showroom and innovation center, is expected to be complete by the fourth quarter of next year.
EAST HARTFORD AND WINDSOR, CONN. — Colliers has brokered the sale of The David Associates Connecticut Portfolio, a collection of three industrial flex buildings in the Hartford area totaling 200,950 square feet. Ian Hunt, Nick Morizio and John Cafasso of Colliers represented the undisclosed seller in the transaction. A New Jersey-based private investor purchased the portfolio, which was 90 percent leased at the time of sale, for $13.2 million.
ORANGE, CONN. — New Jersey-based Cronheim Mortgage has arranged a $10 million permanent loan for a 137,670-square-foot industrial facility in Orange, located in the southern coastal part of the state. Formerly occupied by Sam’s Club, the property was recently converted to a van and truck parking facility for Amazon. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year, interest-only loan on behalf of the undisclosed borrower.
GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.
STAMFORD, CONN. — JLL has arranged a $53.5 million acquisition loan for Glenview House, a 146-unit apartment complex in Stamford. The property offers one-, two- and three-bedroom units that average 1,280 square feet and are furnished with stainless steel appliances and full-size washers and dryers. Amenities include a pool, courtyard, outdoor grilling area, fitness center, clubroom with a bar and a business center. Elliott Throne, Mona Carlton, Alex Staikos, Amit Kakar and Kenny Cutler of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of the borrower, Beachwold Residential.