Connecticut

TH Real Estate Sells 261-Unit Apartment Community in Connecticut for $67M

by Amy Works December 6, 2017

STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

December 6, 2017

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut’s Fairfield County Office Market Displays Healthy Indicators

by Taylor Williams December 6, 2017

Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately …

December 6, 2017

Connecticut Loans Multifamily Northeast

Hunt Mortgage Provides $5.8M in Refinancing for Multifamily Property in Waterbury, Connecticut

by Amy Works November 29, 2017

WATERBURY, CONN. — Hunt Mortgage Group has provided a $5.8 million Fannie Mae conventional loan for the refinancing of a multifamily property located in Waterbury. The borrower is 650 Howard 2017 LLC, a single-purpose, Connecticut limited liability firm backed by key principals Tom Bechard and George Louie. The 10-year, fixed-rate loan features a 30-year fully amortizing schedule with yield maintenance prepayment. Located at 119 and 136 Store Ave., the two-building Store Avenue Apartments offer a total of 113 units. At the time of refinancing, the property was 97 percent occupied.

November 29, 2017

Connecticut Hospitality Northeast Top Stories Western

Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M

by Nellie Day November 29, 2017

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …

November 29, 2017

Connecticut Multifamily Northeast Seniors Housing

LCB Senior Living Breaks Ground on 104-Unit Community in Connecticut

by Amy Works November 27, 2017

TAMFORD, CONN. — LCB Senior Living has broken ground on The Residence at Summer Street, a 104-unit independent living, assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. LCB will both own and operate the community, which is scheduled to open in summer 2018. Headquartered in Massachusetts, LCB Senior Living owns and/or operates communities throughout New England and the Mid-Atlantic states.

November 27, 2017

Connecticut Loans Northeast Office

HFF Arranges $100M in Financing for Office Park in Norwalk, Connecticut

by Amy Works November 20, 2017

NORWALK, CONN. — HFF has secured $100 million in financing for Merritt 7, a six-building, 1.4 million-square-foot office park in Norwalk. The borrower is a separate account managed by New York-based Clarion Partners. Riaz Cassum and Lauren O’Neil of HFF arranged the five-year, fixed-rate loan through a correspondent life insurance company. Situated on 22 acres along Norwalk River, Merritt 7 comprises six buildings and features a fitness center, conference centers, car care, two full-service cafeterias, a Starbucks Coffee location and a unisex salon. At the time of financing, the office park was 97 percent leased to a diverse tenant roster including General Electric, Factset Research Systems, Datto and Frontier Communications.

November 20, 2017

Connecticut Multifamily Northeast

Up Realty Acquires Three Multifamily Properties in Connecticut for $6.7M

by Amy Works November 20, 2017

HARTFORD AND NEW BRITAIN, CONN. — Up Realty, a New York-based investment group, has purchased three multifamily properties located in Connecticut in three separate transactions totaling $6.7 million. In the first deal, the buyer acquired Mark Twain Apartments, located at 367-381 Farmington Ave. in Hartford, for $2.6 million, or $40,000 per unit. The property features 65 apartments in a mix of studio, one-, two- and three-bedroom layouts. In the second transaction, Up Realty purchased Candlewood Apartments, located at 123-131 Clinic Ave. in New Britain, for $2.6 million, or $66,250 per unit. Situated on 1.7 acres, the property features 40 two-bedroom apartments. In the third deal, the buyer acquired Cardinal Hill Apartments, located at 265 Kensington Ave. in New Britain, for $1.5 million, or $51,724 per unit. The 29-unit property features large studio units with private balconies. Steve Pappas of Chozick Realty represented the undisclosed sellers and procured the buyer in all three transactions.

November 20, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Avison Young Brokers $1.2M Sale of Development Site in Wilton, Connecticut

by Amy Works November 14, 2017

WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.

November 14, 2017

Lee-Farm-Corporate-Office-Park-Danbury-CT

Connecticut Northeast Office

JV Sells 215,649 SF Office Building in Danbury, Connecticut, for $31.7M

by Amy Works November 13, 2017

DANBURY, CONN. — A joint venture between Quincy, Mass.-based The Grossman Cos. and Southport, Conn.-based Summit Development has completed the disposition of Lee Farm Corporate Office Park in Danbury. CT Property Realty LLC acquired the property for $31.7 million. The five-story building features 215,649 square feet of Class A office space. The joint venture originally purchased the property in 2013.

November 13, 2017

Connecticut Multifamily Northeast

IPA Negotiates $24.5M Sale of Multifamily Property in Stamford, Connecticut

by Amy Works November 7, 2017

STAMFORD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Bedford Hall Apartments, an apartment property located in downtown Stamford. TR Eastview LLC sold the property to Navarino Acquisitions LLC for $24.5 million. Located at 545 Bedford St., the six-story property features 82 apartments in a mix of one-bedroom/one-bath and two-bedroom/two-bath apartments ranging in size from 441 square feet to 1,056 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

November 7, 2017

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