HARTFORD, CONN. — Colliers International has secured a $3.9 million loan for Colonial Court Apartments in Hartford. The non-recourse loan features a 75 percent loan-to-cost ratio with a rate of 3.75 percent. Kris Wood, John Banas and Alex Hails of Colliers secured the financing for the undisclosed repeat borrower.
NORTH HAVEN, CONN. — HK Group has brokered the sale of The North Haven Distribution Center, located at 1 N. Frontage Road in North Haven. Boston-based STAG North Haven LLC purchased the property for $57.7 million from New York-based North Haven Inc. Situated on 63.61 acres, the asset consists of two buildings, totaling 825,000 square feet. One property is a large refrigerated produce building with 71 dock height doors and one is a grocery warehouse building with 108 dock height doors. Matthew Keefe and Ricardo Cordido of HK Group were the sole brokers in the transaction.
NORWALK, CONN. — The Beach House LLC has acquired a two-story building located at 370 Westport Ave. in Norwalk. 370 Westport Avenue LLC sold the property for $2.95 million, or $668 per square foot. Bankwell Financial Group (NASDAQ: BWFG) occupies the 4,413-square-foot property, which is situated on a 0.35-acre lot. Franco Fellah of HK Group brokered the transaction. Steven Siegelaub of Berkowitz, Trager & Trager provided legal services for the seller, while Steven Baron served as legal counsel for the buyer in the 1031 exchange.
STAMFORD, CONN. — Institutional Property Advisors (IPA) has brokered the sale of Avalon on Stamford Harbor, a multifamily property located in Stamford. The property sold for $115.5 million, or $357,585 per unit. Located at 150 Southfield Ave., the waterfront property features 323 residential units, a marina and 72 boat slips. Steve Witten and Victor Nolleti of IPA, a division of Marcus & Millichap, represented the buyer, TGM Anchor Point LLC, in the transaction. The seller was Harbor Financing LLC.
DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.
FAIRFIELD, CONN. — Colliers has brokered the sale of a hotel/retail property located at 417 Post Road in Fairfield for an undisclosed price. The property consists of an 80-room hotel, The Fairfield Inn, and a 6,800-square-foot retail space, which is triple-net leased to The Circle Diner. The new owner, a group of local investors, plans to reposition the property. Louis Zuckerman, Michael Siegel and Enzennio Mallozzi of Colliers represented the seller, Fairfield Motor Inn Associates LLC, and procured the buyer in the deal.
NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.
BRANFORD, CONN. — Brady Corp. has completed the disposition of an 85,000-square-foot light industrial/flex facility in Branford. Situated on 11.2 acres at 20 Thompson Road, the facility sold for $4 million. Brady Corp. plans to lease back 20,000 square feet of the building’s Class B office space. The Geenty Group and Cresa represented the seller, while The Geenty Group represented the undisclosed buyer in the transaction.
ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.
MERIDEN, CONN. — Marcus & Millichap has brokered the sale of a CVS/pharmacy property located at 540 West Main St. in Meriden. A New Jersey-based investor purchased the property for $4.1 million. Originally constructed in 1999 for CVS, the property offers street exposure and a drive-thru lane. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the transaction.
