UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.
DARIEN, CONN. — Normandy Real Estate Partners has sold Darien Green, a 79,287-square-foot, two-building office campus in Darien for $4.9 million. Darien is located five miles east of Stamford. Fletcher Development and Silver Heights Development acquired the property and, following a capital improvement project, will rebrand the campus as Darien Crossing. The campus was built between 1976 and 1978 and consists of a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road. Stamford-based commercial real estate firm RHYS has been appointed as the exclusive leasing agent for the property.
WINDHAM, CONN. — Contemporary Healthcare Capital has arranged a $1.5 million mezzanine loan, part of a $6.2 million total acquisition financing for a skilled nursing facility in Windham. Located approximately midway between Hartford and Providence, R.I., Douglas Manor includes 90 licensed skilled nursing beds. The borrower, affiliates of Ryders Healthcare Management, is acquiring the property out of receivership. The new owner plans to use the financing package to implement $1.6 million in capital improvements to the property. The senior lender on the transaction was CoastalStates Bank.
VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.
ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.
NORWALK, CONN. — Queens Plaza West has acquired the 120-room Dolce Norwalk hotel in Norwalk. The sales price was not disclosed. Lakota Hotels & Resorts will operate the 66-acre facility after renovations and upgrades, which will include updates to the 240-seat ballroom, amenity areas and guest rooms. Situated in the center of Fairfield County, the hotel offers views of outdoor terraces, wide green lawns, wooded areas and ponds. The property features a 10,500-square-foot event space, lap pool, full-sized basketball court, racquetball courts and a fitness center. Dolce Norwalk was acquired for $24.9 million in 2007 by Broadreach Capital Partners.
MYSTIC, CONN. — Fantini & Gorga has secured a $4.6 million first mortgage loan for the acquisition of the Days Inn & Suites in Mystic. A major New England-based financial institution provided the financing to the undisclosed borrower, a long-time client of Fantini & Gorga, as part of a 1031 exchange. The property consists of a 120-room, two-story motel with 51,732 square feet of space on a nearly five-acre lot.
GREENWICH, CONN. — Allied Property Group has orchestrated the sale of a mixed-use building at 171-173 Greenwich Ave. in Greenwich for $6.5 million. The three-story property consists of a 3,700-square-foot retail storefront leased to Club Monaco and four apartment units. Thomas Torelli of Allied Property Group represented the undisclosed seller in the transaction and Matt Torrance of Cushman & Wakefield represented the buyer, Winter HPG.
NORWALK, CONN. — Fairfield County-based Angel Commercial has arranged the sale of an 18,500-square-foot flex building at 507 Westport Ave. in Norwalk. The sales price was $2.2 million. Brett Sherman of Angel Commercial represented the undisclosed buyer in the transaction. The seller was also undisclosed. The buyer plans to put capital improvements into the property and will occupy part of the building for its own use. The property is located in between Westport and Norwalk and is accessible from I-95 and Route 7.
FARMINGTON, SIMSBURY, CONN. — CBRE has arranged an undisclosed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used for the construction of two seniors housing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each offer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two properties under a third-party management contract. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans.
