WATERBURY, CONN. — Hunt Mortgage Group has provided a $5.8 million Fannie Mae conventional loan for the refinancing of a multifamily property located in Waterbury. The borrower is 650 Howard 2017 LLC, a single-purpose, Connecticut limited liability firm backed by key principals Tom Bechard and George Louie. The 10-year, fixed-rate loan features a 30-year fully amortizing schedule with yield maintenance prepayment. Located at 119 and 136 Store Ave., the two-building Store Avenue Apartments offer a total of 113 units. At the time of refinancing, the property was 97 percent occupied.
AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …
Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …
ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.
NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.
WAYLAND, MASS. — EagleBridge Capital has arranged $5.8 million in acquisition and permanent mortgage financing for an undisclosed borrower. Loan proceeds will be used for a long-term ground lease to CVS/pharmacy. Situated on 2.1 acres on Main Street in Wayland, the freestanding retail property will feature 13,900 square feet of space, a drive-thru lane and 60 parking spaces. The property is currently under construction. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing through a leading Massachusetts thrift institution.
TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.
HUNTINGTON, N.Y. — NAI Long Island has arranged the sale of an office building located at 187 E. Main St. In Huntington. Home Energy Solutions acquired the property from an undisclosed seller for $1.3 million. The building features 4,750 square feet of office space, as well as a large storage area. Gary Pezza of NAI Long Island represented the buyer and seller in the deal.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.