Connecticut

Kriss Capital Provides $32M Construction Loan for Multifamily Conversion Project in Farmington, Connecticut

by Taylor Williams October 15, 2021

FARMINGTON, CONN. — Kriss Capital, a New York-based bridge lender, has provided a $32 million construction loan for a project that will convert a vacant hotel in the Hartford suburb of Farmington into a multifamily complex. The redevelopment of the 381-room Hartford Marriott Farmington Hotel will add 225 market-rate apartments to the local supply. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include multiple pools, a fitness center, coworking space and outdoor dining areas. Kriss Capital provided the two-year, floating-rate loan to the borrower and developer, an affiliate of New Jersey-based CSRE Group. The project will be completed in phases, with leasing for the first phase beginning in 2022. The entire project is slated for completion in 2023.

October 15, 2021

Acquisitions Connecticut Healthcare Northeast Retail

Yale New Haven Health Buys Former Macy’s Building at Meriden Mall in Connecticut

by Taylor Williams October 15, 2021

MERIDEN, CONN. — Yale New Haven Health, a regional provider with a total of 2,409 beds across its facilities, has purchased a building previously occupied by Macy’s at Connecticut’s Meriden Mall. Yale New Haven Health plans to repurpose the property into a retail health clinic. According to the Hartford Business Journal, Macy’s closed its store within the 179,285-square-foot building in May 2020. An investment group that includes Mason Asset Management and Namdar Realty Group owns Meriden Mall.

October 15, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Acquisitions Connecticut Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Taylor Williams October 8, 2021

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

October 8, 2021

Acquisitions Connecticut Mixed-Use Northeast

NEPCG Arranges $9M Sale of Mixed-Use Building in Milford, Connecticut

by Taylor Williams September 30, 2021

MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9 million sale of a mixed-use building in Milford, located in the southern coastal part of the state. The sales price equates to $206 per square foot and a cap rate of 6.76 percent. Built in 1991 and renovated in 2015, the property consists of 21,799 square feet of residential space across 23 units and 21,359 square feet of commercial space across 10 suites. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 30, 2021

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $4.1M Sale of Connecticut Multifamily Property

by Taylor Williams September 28, 2021

NEW BRITAIN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.1 million sale of City Place Apartments, a 53-unit multifamily property with retail and restaurant space in New Britain, a southern suburb of Hartford. The sales price equates to $74,107 per unit and a cap rate of 7.35 percent. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 28, 2021

Connecticut Industrial Loans Northeast

EagleBridge Capital Arranges $14.5M Permanent Loan for Industrial Flex Property in Stamford

by Taylor Williams September 21, 2021

STAMFORD, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $14.5 million permanent loan for a 140,000-square-foot industrial flex property in Stamford, located in the southern coastal part of the state. The property consists of six warehouse buildings that include office space and that range in size from 3,800 to 45,150 square feet. Tenants include CenturyLink, Lowa Boots, Site One, Kaster Moving and Alba Stone. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national bank. The borrower was also not disclosed.

September 21, 2021

Connecticut Development Mixed-Use Northeast

Partnership Completes Initial Phases of Village at Park River Mixed-Use Project in Hartford

by Taylor Williams September 17, 2021

HARTFORD, CONN. — A partnership between Pennrose, The Cloud Co. LLC, JDA Development and The Housing Authority of the City of Hartford has completed Phases I and II of Village at Park River, a mixed-use project in Hartford. The project is a redevelopment of a former Westbrook Village public housing site. Upon full completion, the development will consist of more than 400 units of mixed-income housing, 100,000 square feet of combined office and retail space, bike paths, a park, gardens and a communal amenity building. The first two phases delivered 135 units, the majority of which are reserved for renters earning 60 percent or less of the area median income.

September 17, 2021

Acquisitions Connecticut Multifamily Northeast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams September 16, 2021

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

September 16, 2021

Acquisitions Connecticut Industrial Northeast

Lindquist Security Sells 20,062 SF Industrial Building in Stratford, Connecticut

by Taylor Williams September 8, 2021

STRATFORD, CONN. — Lindquist Security has sold a 20,062-square-foot industrial building in Stratford, located in the southern coastal part of the state. Lindquist has owned and occupied the building for the last 25 years. Bruce Wettenstein of Connecticut-based brokerage firm Vidal/Wettenstein represented Lindquist Security Co. in the transaction. Force3 Pro Gear, which manufactures protective equipment for Major League Baseball, has since taken occupancy of the building.

September 8, 2021

Newer Posts

Older Posts