STRATFORD, CONN. — Coastal States Bank has provided a $13.1 million acquisition loan to affiliates of Woodbine Senior Living to purchase a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
With a unemployment rate of 3.9 percent, strong demographics, transportation that provides direct access to New York City and a highly skilled workforce, Westchester County is seeing steady investor interest across all major property types. We have seen significant interest from institutional investors, including pension fund advisors, insurance companies and REITs. This same buyer class has continued to underwrite increased rent growth in the more urban markets of Westchester County — Yonkers, New Rochelle, White Plains — ranging from 2.5 to 4.5 percent depending on occupancy and development pipeline within the local submarkets. This investor group is targeting yields of 5.5 to 6.5 percent in return on cost metrics and purchasing existing assets for cap rates ranging from 4.4 to 5.3 percent, depending on the age, location and upside of the transaction. That spread has historically been between 150 and 200 basis points. Given the need to put capital to work, the spread is now closer to 100 basis points, reflecting more aggressive pricing for the market. This trend is evident in the Westchester market with new construction projects in the transportation-oriented towns. In addition, interest rates have helped keep investors motivated to buy. Low yields have helped to keep …
STAMFORD, CT. — AJH Management has acquired Infinity Harbor Point, a 242-unit high-rise apartment building in Stamford, for $90 million. Completed in 2012, the building features one- and two-bedroom floor plans with amenities including a fitness center with Peloton cycles and an outdoor area with a fire pit and barbecue grills. Jeffrey Dunne, Gene Pride, Jeremy Neuer led a CBRE team that procured AJH Management as the buyer. The CBRE team also represented the seller, an undisclosed institutional owner.
BRANFORD , CT — O,R&L Commercial has negotiated a 12,030-square-foot biomed-tech office lease for dermatology company Azitra Inc. in Branford, an eastern suburb of New Haven. Azitra researches skin conditions and diseases and develops medical treatment products. Richard Guralnick of O,R&L represented Azitra in the lease negotiations. Guralnick also represented the undisclosed landlord.
STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.
SHELTON, CONN. — Choyce Peterson Inc. has negotiated a 41,417-square-foot office lease for the new headquarters of railway inspector and servicer Sperry Rail Inc. in Shelton, a western suburb of New Haven. The property is located at 5 Research Drive. A new, 11,000-square-foot building will be constructed on the site to accommodate needs for additional production space. The company is consolidating its new headquarters from its previous location in Danbury, where it occupied three buildings. John Hannigan of Choyce Peterson represented Sperry Rail in the lease negotiations. Rob Scinto represented the landlord, R.D. Scinto, on an internal basis.
ORANGE, CONN. — Angel Commercial LLC has brokered the $7.3 million sale of a 23.3-acre parcel zoned for industrial development in Orange, a western suburb of New Haven. The property is situated at 205 Indian River Road, adjacent to PEZ Manufacturing Inc.’s production facility and Interstate 95. A FedEx building is also under construction in the same area. The parcel was subdivided and sold to four different undisclosed buyers. Jon Angel of Angel Commercial represented the seller, Indian River Road LLC, in the transaction.
NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.
STAMFORD, CONN. — British alcoholic beverage provider Diageo has signed a 40,000-square-foot office lease in Stamford. Diageo produces more than 200 alcoholic beverage brands, including Crown Royal whiskey, Smirnoff vodka, Captain Morgan rum, Bailey’s Irish liqueur, Don Julio tequila and Guinness stout. The new office, located at 200 Elm St., will house research and development teams as well as finance, human resources and supply services. Building and Land Technology is the landlord of the property. Earlier this year, the company signed an 87,000-square-foot lease for its new North American corporate office at 3 World Trade Center in Manhattan. Diageo plans to take occupancy of both spaces in early 2020.
STAMFORD, CONN. — Sema4, a medical research and diagnostic company, has signed a 70,000-square-foot office lease in the Harbor Landing mixed-use development in Stamford. The company will relocate from its current space at 333 Ludlow St. in Stamford’s Harbor Point district to the new office and lab space in 2020. Located at 62 Southfield Ave., Harbor Landing is a waterfront development offering 200,000 square feet of Class A office space, 218 multifamily units, multiple restaurants and direct access to a full-service boatyard and boardwalk. Building & Land Technology is the developer and landlord of Harbor Landing.