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.
Eastern Union Funding Arranges $35.9M in Refinancing for Three Multifamily Properties in Connecticut
WINDSOR, NEWINGTON AND BLOOMFIELD, CONN. — Eastern Union Funding has arranged three loans totaling $35.9 million to refinance three multifamily properties in Connecticut. The borrower was a New York-based private investment firm. Totaling 369 units, the properties are Williamsburg Apartments, 250 Bloomfield Ave. in Windsor; Northwood Apartments, 215 Lowrey Place in Newington; and Manor House Apartments, 14-2 Revere Drive in Bloomfield. Customers Bank provided the financing.
PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act as third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.
WATERBURY, WOLCOTT AND SOUTHINGTON, CONN. — The NHP Foundation-Urban Atlantic Fund I has acquired a four-property seniors housing portfolio in Connecticut for $43 million. The 404-unit portfolio consists of studio, one- and two-bedroom units, with all units contracted for the Project-based Section 8 Housing Assistance Program. The properties are the 150-unit Exchange Place Tower Apartments, located at 44 Center St. in Waterbury; Countryside Apartments I & II, located at 12 Wolf Hill Road in Wolcott and totaling 109 units; and the 145-unit Flanders West Apartments, located at 1 Darling St. in Southington. The name of the seller was not released. The equity fund is a joint venture between PNC Bank, Urban Atlantic and The NHP Foundation.