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MCR, Building and Land Technology Secure $632M Refinancing of 53-Hotel Portfolio

by John Nelson

NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …

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ConnecticutDevelopmentIndustrialNortheast

Condyne Capital Begins Work on 185,600 SF Industrial Project in Windsor, Connecticut

by Taylor Williams

WINDSOR, CONN. — Metro Boston-based developer Condyne Capital has begun work on a 185,600-square-foot industrial project in Windsor, a northern suburb of Hartford. The facility sits on a 20.6-acre site and is an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 103). Construction is scheduled for a fall delivery.

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ConnecticutLeasing ActivityNortheastOffice

Kensico Capital Signs 11,016 SF Office Lease in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Financial services firm Kensico Capital Management has signed an 11,016-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Ed Tonnessen of JLL represented the tenant.

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Choyce Peterson Negotiates Sale of 32,000 SF Industrial Building in Westport, Connecticut

by Taylor Williams

WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Berkadia Arranges Sale of 85-Unit Seniors Housing Complex in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Berkadia has arranged the sale of an 85-unit seniors housing complex in Stamford, approximately 30 miles northeast of Manhattan. The unnamed facility offers assisted living and memory care services. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England.  

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Stark Office Suites Signs 23,538 SF Office Lease Extension, Expansion in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Stark Office Suites has signed a 23,538-square-foot office lease extension and expansion in the southern coastal Connecticut city of Greenwich. The provider of flexible workspace solutions is taking an additional 5,772 square feet at 777 West Putnam, a 134,000-square-foot building located along U.S. Route 1. James Ritman and Benjamin Goldstein of Newmark represented the landlord, New York-based investment firm Shelbourne, in the lease negotiations. The tenant was self-represented.

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Chozick Realty Arranges $4M Sale of Apartment Building in Winsted, Connecticut

by Taylor Williams

WINSTED, CONN. — Locally based brokerage firm Chozick Realty has arranged the $4 million sale of The Mill at Still River, a 39-unit apartment building in Winsted, about 25 miles northwest of Hartford. The building was originally constructed as an industrial facility in 1887 and converted to residential use in 1986. Steve Pappas of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

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IPA Negotiates Sale of 125-Unit Apartment Complex in Bloomfield, Connecticut

by Taylor Williams

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Manor House, a 125-unit apartment complex in Bloomfield, located just outside of Hartford. The two-story building, which was originally constructed on 15 acres in 1963, offers one- and two-bedroom units, according to Apartments.com. Victor Noletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer in the transaction.

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ConnecticutIndustrialLeasing ActivityNortheast

Broadband Technical Resources Signs 9,159 SF Industrial Lease in Monroe, Connecticut

by Taylor Williams

MONROE, CONN. — Broadband Technical Resources has signed a 9,159-square-foot industrial lease in Monroe, about 20 miles west of New Haven. According to LoopNet Inc., the 23,702-square-foot building at 580 Pepper St. was originally built in 1987 and renovated in 1997. Bruce Wettenstein of locally based brokerage firm Vidal/Wettenstein represented the tenant in the lease negotiations. Robert Malin Realty owns the building.

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NEPCG Negotiates Sale of 52-Unit Apartment Portfolio in Hartford, Connecticut

by Taylor Williams

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of two apartment buildings totaling 52 units in Hartford. The building at 17 Marshall St. features 12 studios and 13 one-bedroom units, and the building at 50 Gillett St. houses 16 one-bedrooms, eight two-bedrooms and three commercial spaces. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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