SPRINGFIELD, VT. — Eastern Union has arranged $9.4 million in construction-to-permanent financing for a mixed-use redevelopment project in Springfield, located in Windsor County near the Vermont-New Hampshire border. The site at 100 River St. is the original home of the historic Fellows Gear Shaper Co. mill complex and currently houses a 187,030-square-foot commercial building that is home to six tenants. The borrower, San Diego-based Integrity Community Partners LLC, will use the financing to redevelop the property to feature a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. A 100-unit, age-restricted multifamily building and a 162-unit seniors housing complex are also planned for the redevelopment. Marc Tropp, David Merkin, Ben Alpert and Ary Katzenstein of Eastern Union originated the loan through Bank of New Hampshire.
DERBY, VT. AND WALLINGFORD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged the $9 million refinancing of two New England shopping centers. The first property is Shaw’s Plaza, an 80,193-square-foot, grocery-anchored center in Derby, Vt., that was originally built in 1968. The second property is Kohl’s Plaza, a 159,600-square-foot shopping center in Wallingford, Conn., that is also home to Aldi, Harbor Freight and Sally Beauty. Brandon Szwalbenst, Dev Morris and Andrew Stewart of Cronheim arranged the debt on behalf of the owner, National Realty & Development Corp. The direct lender was not disclosed.
WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.
WINOOSKI, VT. — CBRE has arranged the sale of Spinner Place, a 308-bed student housing community located near the University of Vermont in Winooski. The community offers shared amenities including a media room, fitness center and recreation room. The property also features ground-floor retail space that is leased to The Archives Bar, Champlain Nails, Asian Bistro and La Bella Skin Boutique. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, John Reed and Jack Reed of CBRE represented the undisclosed seller in the transaction. Property Income Advisors Inc. represented the undisclosed buyer. Mike Bryant and Brad Peters, also with CBRE, arranged acquisition financing on behalf of the buyer.
BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.
STOWE, VT. — Chicago-based investment firm Waterton has acquired Town & Country Stowe, a 54-room hotel located near Burlington in upstate Vermont. The site spans 10 acres and is adjacent to Cady Hill Forest. Waterton plans to update the guestrooms and outdoor common areas and add a mix of lofted barn suites and cabins. The seller and sales price were not disclosed. Waterton has tapped Springboard Hospitality to manage the property. f Dave McElroy and Scott Hutchinson of CBRE brokered the deal.
BETHESDA, MD. — Walker & Dunlop has provided a $46 million HUD-insured loan for the refinancing of a portfolio of four assisted living facilities totaling 244 beds that are located throughout Vermont and New Hampshire. Woodstock Terrace and Valley Terrace respectively comprise 42 and 61 beds and are located in Woodstock and White River Junction, Vt. Wheelock Terrace and Windham Terrace respectively total 70 and 71 beds and are located in Hanover and Windham, N.H. Frank Cassidy of Walker & Dunlop originated the financing through HUD’s 232/223(f) program on behalf of the locally based borrower, Terrace Communities.
BURLINGTON, VT. — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $12 million loan for the refinancing of Gateway Square, a two-building office complex in Burlington, located in northwestern Vermont. The buildings are located at 30 and 40 Main St. and were both completed in 1999. Wayne Clough and Colin Monahan of Fantini & Gorga placed the loan with a regional bank on behalf of the borrower, Investors Corp. of Vermont Properties.
BENNINGTON, VT. — CBRE has arranged a $10 million sale-leaseback of a 20,219-square-foot car dealership in Bennington, located near the Vermont-Massachusetts border. Legacy Automotive Capital acquired the site, which was constructed in 2018, and will continue to lease it to Lundgren Subaru of Bennington. Karly Iacono of CBRE represented the seller and procured the buyer in the transaction.
STRATTON, VT. — Big V Property Group, a retail investment firm with five offices across the country, has acquired The Village at Stratton, a 47,837-square-foot retail village in the Vermont ski resort town of Stratton. The Village at Stratton was fully leased at the time of sale to a roster of 20 tenants. Big V acquired the property as part of a portfolio sale that included The Village at Snowshoe in West Virginia and The Village at Copper Mountain in Colorado. The seller was not disclosed.
Newer Posts