Connecticut

IPA Negotiates $63M Sale of Preserve at Great Pond Apartments in Windsor, Connecticut

by Taylor Williams August 5, 2021

WINDSOR, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of The Preserve at Great Pond, a 230-unit apartment community in Windsor, a northern suburb of Hartford. The property was built on 12 acres in 2020 and offers studio, one- and two-bedroom units. Amenities include a pool, dog park and a fitness center. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Eastpointe Great Pond Owner LLC, in the transaction. The trio also procured the buyer, Preserve Ventures LLC.

August 5, 2021

Connecticut Loans Massachusetts Multifamily Northeast Seniors Housing

Ziegler Arranges $85.5M Bond Financing for Three Senior Living Properties in New England

by Taylor Williams August 2, 2021

CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.

August 2, 2021

Acquisitions Connecticut Industrial Northeast Self-Storage

Fantini & Gorga Arranges $17.2M Loan for Refinancing of Self-Storage Facility in Darien, Connecticut

by Taylor Williams July 29, 2021

DARIEN, CONN. — Fantini & Gorga, a Boston-based mortgage banking firm, has arranged a $17.2 million loan for the refinancing of Hollow Tree Self Storage, a 90-unit facility in the southern coastal city of Darien. The facility spans 83,595 net rentable square feet and includes outdoor vehicle storage space. Casimir Groblewski of Fantini & Gorga arranged the loan through an undisclosed, locally based bank on behalf of the borrower, Connecticut-based Affordable Self Storage Inc.

July 29, 2021

Connecticut Development Northeast Office

Shawmut Tops Off 24,000 SF Office Project for HMTX Industries in Norwalk, Connecticut

by Taylor Williams July 29, 2021

NORWALK, CONN. — Shawmut Design & Construction has topped off the 24,000-square-foot office headquarters building for global luxury vinyl tile manufacturer HMTX Industries in Norwalk, located in the southern coastal part of the state. The facility will be situated on two acres and will include design studios and galleries. Construction of the four-story building began in June and is scheduled to be complete in 2022.

July 29, 2021

Acquisitions Connecticut Industrial Northeast Office

CBRE Negotiates $3.7M Sale of Office, Industrial Building in Wilton, Connecticut

by Taylor Williams July 27, 2021

WILTON, CONN. — CBRE has negotiated the $3.7 million sale of a 47,040-square-foot office and industrial building in Wilton, located in Fairfield County. The property, which was built in 1965 and renovated in 2006, was vacant at the time of sale. Louis Zuckerman, Tom Pajolek and Pat Colwell of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Fuller Development and Spinnaker Real Estate Partners that plans to reposition the property for residential use.

July 27, 2021

Acquisitions Connecticut Industrial Northeast

Lyman Real Estate Negotiates Sale of 48,060 SF Industrial Building in South Windsor, Connecticut

by Taylor Williams July 26, 2021

SOUTH WINDSOR, CONN. — Lyman Real Estate Brokerage & Development, a Connecticut-based firm, has negotiated the sale of a 48,060-square-foot industrial building in South Windsor, a suburb of Hartford. Sam Lyman of Lyman Real Estate represented the seller and occupant, Capitol Moving & Storage, in the transaction. Clancy Relocation & Logistics purchased the building.

July 26, 2021

Connecticut Loans Lument Multifamily Northeast

Lument Provides $26M Fannie Mae Loan for Refinancing of Connecticut Workforce Housing Portfolio

by Taylor Williams July 22, 2021

HARTFORD, CONN. — Lument has provided a $26 million Fannie Mae loan for the refinancing of a 591-unit workforce housing portfolio in Hartford. All units are restricted to renters earning 60 percent or less of the area median income (AMI). Josh Messier of Lument originated the financing, which carried a 10-year term that includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. The portfolio was approximately 98 percent occupied at the time of sale.

July 22, 2021

Connecticut Loans Multifamily Northeast

Greystone Provides $15.3M in HUD-Insured Financing for Connecticut Multifamily Portfolio

by Taylor Williams July 20, 2021

NEW BRITAIN, MERIDEN AND MIDDLETOWN, CONN. — Greystone has provided multiple HUD-insured loans totaling $15.3 million for the refinancing of a portfolio of three multifamily properties totaling 278 units in Connecticut. The properties are located in New Britain, Meriden and Middletown. Each of the nonrecourse loans carries a fixed interest rate and 35-year terms and amortization schedules. Leor Dimant of Greystone originated the financing packages on behalf of the undisclosed borrower, which will use a portion of the proceeds to continue ongoing improvements.

July 20, 2021

Acquisitions Connecticut Northeast Retail

New England Retail Properties Brokers $6.7M Sale of Shoppes at Old Saybrook in Connecticut

by Taylor Williams July 16, 2021

OLD SAYBROOK, CONN. — Connecticut-based brokerage, consulting and development firm New England Retail Properties has brokered the $6.7 million sale of The Shoppes at Old Saybrook. The 94,175-square-foot regional shopping center sits on 8.5 acres and is located in the southern coastal part of the state. Tenants include Ocean State Job Lot, Town Fair Tire, Dollar Tree, O’Reilly Auto Parts and Midas Muffler. Matt Halprin of New England Retail Properties represented the seller, Basser Kaufman Saybrook LLC, in the transaction. Halprin also procured the buyer, OSJL of Old Saybrook LLC.

July 16, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 402-Unit Parc Grove Apartments in Stamford, Connecticut

by Taylor Williams July 14, 2021

STAMFORD, CONN. — CBRE has negotiated the sale of Parc Grove Apartments, a 402-unit, newly renovated apartment community in downtown Stamford. Residences feature one-, two- and three-bedroom floor plans and are equipped with stainless steel appliances, granite countertops, wood-style flooring and full-size washers and dryers. Amenities include a clubroom with a fireplace lounge, resort-style pool, two-story fitness center and cross training room and an indoor basketball court. Jeffrey Dunne, David Gavin, Gene Pride, Jeremy Neuer, Steve Bardsley and Eric Apfel of CBRE represented the seller, an undisclosed global real estate investment advisor, in the transaction. The team also procured the buyer, Pacific Urban Residential LLC.

July 14, 2021

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