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.
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.
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.
AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.
Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut
FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.
NORWICH, CONN. — Boston-based national retail brokerage firm Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
STAMFORD, CONN. — Encompass Digital Media has signed a 136,366-square-foot office lease at Shippan Landing, a six-building waterfront office campus that is located on a 17-acre site in Stamford. David Block, Steven Greenbush and Joe Coleman of CBRE represented the tenant in the lease negotiations. Trip Hoffman, Adam Klimek and Mike Norris of Cushman & Wakefield represented the owner, a joint venture between developers George Comfort & Sons and Rubenstein Partners LP. Peter Duncan and Dana Pike of George Comfort & Sons also worked on the deal on an internal basis. Encompass Digital Media has occupied space at the campus since 1994, and this transaction extends its commitment term for six more years.
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.
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.
Fantini & Gorga Arranges $17.2M Loan for Refinancing of Self-Storage Facility in Darien, Connecticut
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.