HARTFORD, CONN. — Regional owner-operator WinnCos. has purchased Bedford Gardens Apartments, an 84-unit affordable housing complex in Hartford, with plans to implement an $18.7 million renovation. The 10-building complex was built in the 1920s, and its residences are reserved for households earning 60 percent or less of the area median income. Two Massachusetts-based firms, The Architectural Team and Keith Construction, are providing design and general contracting services for the project, respectively.
AVON, CONN. — New Jersey-based Cronheim Mortgage has arranged a $24 million permanent loan for Avon Marketplace, a 78,687-square-foot shopping center located on the western outskirts of Hartford. The center was built on 17.3 acres in 1994 and is home to tenants such as ULTA Beauty, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks and Verizon Wireless. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan, which carried two years of interest-only payments and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a multifamily conversion project in Meriden, located roughly midway between New Haven and Hartford. The sponsor, Trinity Financial, will redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Amenities will include a fitness center, community room and a children’s play area. KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package, and Trinity secured another $27 million in equity financing from a multitude of different sources. A tentative completion date was not disclosed.
BEACON FALLS, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Beacon Mill Village, a 185-unit multifamily property in Beacon Falls, located just northwest of New Haven. Built in 1988, the property offers one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool, fitness center, sauna, tennis court and a dog park. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Navarino Capital Management, in the transaction. The trio also procured the buyer, an entity doing business as Beacon Mill Holdings II LLC.
NEW HAVEN, CONN. — Nonprofit owner-operator Beacon Communities has broken ground on a 76-unit affordable housing project in New Haven. The project will convert a parking lot on State Street and vacant upper-floor spaces on Chapel Street into a complex with studio, one- and two-bedroom apartments and ground-floor commercial spaces. The majority (60) of the units will be affordable to households earning between 30 and 60 percent of the area median income. The other 16 units will serve households that are currently or at risk of experiencing homelessness. Beacon Communities is financing construction of the project through a mix of federal and state tax credits, as well as local incentives and subsidies.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.9 million sale of Birdseye Apartments, an 81-unit multifamily complex located in the southern coastal Connecticut city of Bridgeport. According to Apartments.com, the property was built in 1962 and offers studio, one- and two-bedroom units. Brad Balletto, Jeff Wright and Rich Edwards of NEPCG represented the seller in the transaction and procured the buyer, SPA Management Group.
WESTPORT, CONN. — Matthews Real Estate Investment Services has brokered the $45.5 million sale of Compo Shopping Center in the southern coastal Connecticut city of Westport. The 76,368-square-foot center was approximately 91.5 percent leased at the time of sale, with CVS serving as the anchor tenant. The buyer was Florida-based REIT Regency Centers, and the seller was undisclosed. Joanna Manfro of Matthews brokered the deal.
ROCKY HILL, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center in Rocky Hill, located just south of Hartford. The address and square footage of the property, which houses a supermarket and a bank, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5.2 million sale of Willow Park Apartments, a 21-unit multifamily complex located in the southern Connecticut city of Danbury. According to Apartments.com, the property exclusively offers one-bedroom units that span 575 square feet. Jeff Wright and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEWINGTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.3 million loan for the refinancing of a medical office complex in Newington, located just south of Hartford. The address and square footage of the property, which was built in 2005, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.5 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.