STAMFORD, CONN. — Hunt Mortgage Group has provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford. Park Square West Apartments is a nine-story property located at 101 Summer St. The property was built in 1999 and includes 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments and five three-bedroom units. The two-year floating rate loan includes three options to extend the term for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied. The loan also includes a $703,000 capital improvement reserve, which will go toward renovations. Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting, bathroom fixtures and kitchen appliances. Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking and a ground floor restaurant.
WINDSOR, CONN. — CBRE/New England has negotiated the $5 million sale of the Griffin Office Park Portfolio, a five-building office complex located in Windsor. Investors Warranty of America LLC sold the property to Griffin Park Realty VV LLC, a Brooklyn-based private equity partnership managed by Vasco Ventures. CBRE/NE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. Vasco Ventures is a real estate investment firm specializing in distressed real estate. The company owns and operates properties in New York City, upstate New York, Philadelphia and Galloway, N.J. The Griffin Office Park Portfolio is the company’s first acquisition in Greater Hartford. The purchase includes two four-story office buildings located at 1 and 2 Waterside Crossing, and three two-story office buildings located at 4, 6 and 8 Griffin Road N. The portfolio’s properties are located within Griffin Office Center, a 600-acre development featuring a full-service restaurant, open-air performance center and a network of walking trails and open space. Tenants include Cigna, Great American Insurance, SwissRe, RR Donnelley, Prochimie International and the United States Postal Service.
NORWALK, CONN. — KeyBank Real Estate Capital has provided $12.4 million in FHA financing for Cedar Court Apartments, a seniors housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will utilize Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units. Jeff Rodman of Key’s commercial mortgage group and Kelly Frank of Key’s community development lending and investment group arranged the construction financing, which will be used to rehabilitate the property.
BRIDGEPORT, CONN. — Jon Angel of Angel Commercial LLC has arranged the sale of three adjoining industrial properties located at 785 and 800 Union Ave., and at 599 Hollister Ave. in Bridgeport. Angel represented both buyer and seller in the sale-leaseback transaction. Collectively, the buildings span nearly 250,000 square feet on 6.5 acres. The property includes multiple loading docks and 47-foot ceiling heights. An out-of-state investor, 800 Union LLC, purchased the properties from Moore Tool Co., who will remain as the tenant.
WILTON, CONN. — Avison Young’s Fairfield/Westchester office has secured a long-term, 15,000-square-foot office lease with Western Connecticut Medical Group Inc., an affiliate of the Western Connecticut Health Network. The health network company will serve as anchor tenant for the new Wilton Wellness Center under construction at 249 Danbury Road in Wilton. Avison Young Fairfield/Westchester’s Sean McDonnell and Lori Baker represented the owner, Cambridge Hanover, a New Canaan, Conn.-based real estate investment firm, in the transaction. Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the tenant. Western Connecticut Medical Group will provide primary care services at the new location including internal medicine, family care, women’s services and urgent care.
CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.
MERIDEN, CONN. — Horvath & Tremblay has arranged the sale of a retail property located at the intersection of Broad Street, Anne Street and Gale Avenue in Meriden. An undisclosed buyer purchased the 14,000-square-foot property for $9.3 million. CVS/pharmacy will occupy the newly constructed property under a 25-year, triple-net lease with six five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay of represented the undisclosed seller and procured the buyer in the transaction.
STAMFORD, CONN. — Dwight Capital has arranged $13.2 million in refinancing for Westwood Apartments, located at 1-20 Westwood Drive in Stamford. The borrower was 58 Progress Drive LP. The community features 95 apartment units. Josh Hoffman, Andrew Nicoll, Matt Boyd and Brandon Baksh of Dwight Capital secured the financing for the borrower. Reno & Cavanaugh served as legal counsel for the financing transaction.
MILFORD, CONN. — Press/Cuozzo Commercial Services has arranged the sale of two contiguous retail sites located on Boston Post Road in Milford. Shemitz Associates LP sold the assets to 1501 Boston Post Road LLC for $1.5 million. Totaling 1.6 acres, the 1469 Boston Post Road consists of a 9,000-square-foot retail building and 1501 Boston Post Road features a two-story, 10,440-square-foot retail and office building. Press/Cuozzo represented the seller and procured the buyer in the deal.
STAMFORD, CONN. — CBRE has secured $51 million in financing for the acquisition of 66 Summer Street, an apartment building located in Stamford. The borrower was KC Summer Street Owner LLC, a joint venture between The Kabr Group and Ceruzzi Properties. Freddie Mac provided the eight-year, fixed-rate loan with full funding based on pro forma, as the property is still in its lease-up period. The newly constructed property features 209 luxury apartment units. Mark Fisher, Jason Gaccione, Alex Furnay, Irene Lu and Michael Ricco of CBRE facilitated the loan for the borrower, while CBRE Capital Market’s Investment Sales team represented the seller in the deal.