NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.
ORANGE, CONN. — Locally based firm HK Group has brokered the $16 million sale of a 162,036-square-foot warehouse and distribution building in Orange, located in the southern coastal part of the state. The building was constructed on 15.1 acres in 1992 and was fully leased to Restaurant Depot and British paper goods company Bunzl at the time of sale. A seller based in Westchester County, New York, sold the asset to an undisclosed institutional investor. Matthew Keefe and Franco Fellah of HK Group brokered the deal.
NEW HAVEN, CONN. — Connecticut-based Edgewood Capital Advisors has provided a $3.5 million bridge loan for the refinancing of a portfolio of eight multifamily properties totaling 30 units in New Haven. The borrower, an undisclosed, locally based investor, will use the proceeds to pay off existing debt, cover closing costs and provide working capital.
TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.
SOUTH WINDSOR, CONN. — Investment firm Metropolitan Realty Associates (MRA) has acquired a 304,249-square-foot distribution center at 456 Sullivan Ave. in South Windsor, located roughly midway between Boston and New York City, for $50 million. Originally constructed by SunCap Property Group in 2012 and expanded in 2015, the Class A property features a clear height of 31.5 feet, 72 trailer parking spaces, 75 long-trailer parking spaces and 99 dock bays specifically designed for heavy distribution uses. An undisclosed transportation company occupies the entirety of the property. Newmark brokered the transaction and arranged acquisition financing through a major institutional lender. Clarion Partners LLC provided equity for the venture through its Clarion Partners Real Estate Income Fund Inc.
KILLINGLY, CONN. — Marcus & Millichap has brokered the sale of a 103,084-square-foot industrial building in Killingly, located in the north part of the state along the Rhode Island border. The property was net-leased to steel fabricator Siri Wire, which has occupied the building since 1994, at the time of sale. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor.
EAST HAVEN, CONN. — Connecticut-based brokerage firm O,R&L Commercial has arranged the sale of a 24,272-square-foot medical office building in East Haven, located in the southern coastal part of the state. The property was fully leased at the time of sale. Frank Hird of O,R&L Commercial represented the seller and the buyer in the $2.5 million transaction. Both parties were limited liability companies.
STRATFORD, CONN. — Locally based investment firm The Marsilio Group has sold a two-building, 60,353-square-foot distribution center in Stratford, located in the southern part of the state. The property was built on 3.8 acres in 1952 and is leased to four tenants, including anchor tenant FedEx. Colin Couch of Stan Johnson Co. represented the seller in the transaction. Dave Richard of Colliers International represented the buyer, a New York-based 1031 exchange investor. The deal traded for $6.1 million at a cap rate of 6.8 percent.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of eaves Stamford, a 238-unit apartment community in southern Connecticut. The property consists of three residential buildings and 3,600 square feet of commercial space within the city’s Glenbrook neighborhood. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, AvalonBay Communities, and the buyer, Cue Residential, in the transaction.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of West Gate Townhomes, a 135-unit multifamily property in New Haven. Built on 10 acres in 1947, the community is located about four miles from Yale University and features one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Eagle Rock Advisors LLC, and procured the buyer, West Gate Ventures LLC. The sales price was not disclosed.