WATERFORD, CONN. — Washington Trust, a community bank serving the Northeast, has provided an $11.8 million construction loan for a 72-unit apartment project located in the coastal Connecticut city of Waterford. The property will feature equal numbers of one- and two-bedroom units ranging in size from 845 to 1,140 square feet. Communal amenities will include a fitness center, recreation area and a resident clubhouse. The borrower was Connecticut-based Waterford Parc LLC. The loan carries an 18-month term and a floating interest rate. Construction is expected to be complete in early 2020.
FARMINGTON, CONN. — Colliers International has arranged the sale of Pond View Corporate Center, a 236,302-square-foot office complex in Farmington, a western suburb of Hartford. The sales price was approximately $19.9 million. The two-building campus is situated on 34 acres off I-84 and offers amenities such as a fitness center, café, walking trails and a new conference and technology center. Tenants include Comcast, New England Asset Management and KBE Building Corp. John Cafasso, Ian Hunt and Conor LeBlanc of Colliers represented the seller, New Haven-based Fusco Farmington Associates LP, which sold the property to an undisclosed buyer.
WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.
MILFORD, CONN. — Local brokerage firm Pearce Commercial has negotiated a 56,000-square-foot warehouse lease in Milford, located between Bridgeport and New Haven. John Bergin of Pearce Commercial represented the tenant, Meridith Baer Home, a California-based home staging firm. Bergin also represented the landlord, MDC Milford Associates LLC, a division of Mountain Development Corp.
MONROE, CONN. — Urstadt Biddle, a publicly traded REIT based in Connecticut, has sold a 10,100-square-foot retail property in Monroe for $3.6 million. The deal closed at a capitalization rate of 6.9 percent. Tenants at the property, which Urstadt Biddle acquired in 2007, include Starbucks Coffee and M&T Bank. The buyer was an undisclosed, locally based investor.
STAMFORD, CONN. — Rubenstein Partners LP, an investment firm focused on the office sector, has acquired 600 Washington Boulevard, a 450,000-square-foot office building in Stamford, about 40 miles north of New York City. The sales price was not disclosed. The property was originally built in 2009 to serve as the headquarters of the Royal Bank of Scotland and was 85 percent leased at the time of sale. Tenants include UBS and Bank of America. JLL represented the seller, NatWest Markets, which is also a tenant at the building, in the transaction.
NORWALK, CONN. — Shaner Hotels, a Pennsylvania-based hospitality owner-operator, has opened a 102-room Residence Inn by Marriott hotel in the coastal Connecticut city of Norwalk. The eight-story property features apartment-inspired suites that include full kitchens and individual workspaces. Amenities include grocery delivery service, a fitness center and a business center, as well as a bar and restaurant. Rich Co. developed the hotel in a joint venture with SoNo Development Partners. Shaner will operate the property.
CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cambridge Oxford Apartments, an 84-unit multifamily asset in New Haven. The property was originally built between 1860 and 1926 and fully renovated in 2001 to feature hardwood floors, high ceilings and contemporary amenities. The location puts Cambridge Oxford Apartments close to Yale University’s campus and an array of retail and restaurant destinations. The buyer is an affiliate of Paredim Partners LLC. Additional terms of sale were not disclosed.
WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.