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.
NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.
ELSMERE, DEL. — Philadelphia-based Rittenhouse Realty Advisors has arranged the sale of Parklynn Apartments, a 140-unit multifamily complex located in Elsmere, a western suburb of Wilmington. The garden-style property is located near a major shopping center and several employment hubs, including Wilmington VA Medical Center and the University of Delaware-Wilmington campus. Units include hardwood floors, oversized closets and onsite laundry facilities. The buyer and seller were not disclosed.
PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.