MILFORD, CONN. — Greysteel has arranged $3.1 million in refinancing for Spinnaker Brook, a multifamily property located at 158 Cherry St. in Milford. The 10-year, non-recourse loan features a fixed rate and three years of interest-only payments followed by a 30-year amortization schedule. The loan was provided by an agency lender under the Freddie Mac Small Balance Loan program. Anton Mattli and John Marshall Doss of Greysteel negotiated the loan for the undisclosed borrower.
NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.
NORWICH, CONN. — Chozick Realty Inc. has arranged the sale of Stonington Estates Apartments, located on Stonington Road in Norwich. Trion Holdings acquired the property from HPI Stonington LLC for $6.8 million, or $95,775 per unit. Constructed in 2005, the 71-unit property features two-bedroom units and a full amenity package, including tennis courts and a fitness center. Rick Chozick represented the seller and procured the buyer in the deal.
WASHINGTON, CONN., AND KENNEBUNK, MAINE — Elandis, the Americas real estate arm of the Libra Group, has completed a $5 million refurbishment of two of its hospitality assets in New England: The Mayflower Grace in Washington and the White Barn Inn in Kennebunk. Renovations at White Barn Inn included guest room and common area upgrades as well as a new cottage and deck dining spaces. The Mayflower Inn’s refurbishments included upgrades to guestrooms, dining areas and landscaping.
GREENWICH, CONN. — NGKF Capital Markets has arranged $36.25 million in financing for 500 West Putnam Avenue, a 124,668-square-foot Class A office building in Greenwich, for Connecticut investment group 500 WPA LLC. Jordan Roeschlaub, Daniel Fromm and Steve Sperandio of NGKF led the team that arranged and structured a floating-rate loan that provides a three-year initial term and two one-year extension options. The loan proceeds were used to fund the acquisition of the property from SL Green and execute the sponsor’s business plan for the property, which was 54 percent occupied at closing.
Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on …
WINDSOR, CONN. — Ezra Silva Lane LLC has purchased an industrial property at 60 Ezra Silva Lane in Windsor for $1.75 million. The 33,400-square-foot building at the property is currently occupied by Precision Finishing Services while All-Crate Inc. occupies the 30,000-square-foot rear building. Sentry Commercial represented the buyer and CB Richard Ellis/New England represented the seller, Clinton Street Associates, in this transaction.
MIDDLETOWN, CONN. — Seavest Healthcare Properties LLC recently sold its two medical office buildings at the Middletown Medical Complex to Healthcare Trust of America, a public REIT. The transaction resulted from an unsolicited offer for the extensively renovated and improved properties at 520 and 540 Saybrook Road, which total which totaling 64,065 square feet, in Middletown. Seavest Healthcare Properties acquired the properties in 2010. The Middletown campus features five buildings and is affiliated with the nearby 275-bed Middlesex Hospital.
WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.
FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.