Vermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works September 25, 2017

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

September 25, 2017

Hospitality Northeast Vermont

Norwich Properties Sells 108-Suite Extended-Stay Hotel in Colchester, Vermont

by Amy Works September 7, 2017

COLCHESTER, VT. — Norwich Properties has completed the disposition of Residence Inn Burlington Colchester, an extended-stay hotel located in Colchester. AAM 15 Management acquired the 108-suite property for an undisclosed price. Completed in 2010, the hotel features suites with fully equipped kitchens, an indoor swimming pool and soaking tub, a fitness facility, a business center, a sundries shop, a barbecue and picnic area, complimentary hot breakfast and the Residence Inn Mix, evening socials. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller in the deal.

September 7, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

Hospitality Northeast Vermont

Wason Associates Negotiates Sale of Palmer House Resort, Best Western Plus in Vermont

by Haisten Willis March 10, 2017

BENNINGTON & MANCHESTER, VT. – Wason Associates Hospitality Real Estate Brokerage Group (Wason Associates) has negotiated the sale of the Best Western Plus in Bennington and the Palmer House Resort in Manchester. The Best Western Plus is located near Bennington College and several ski resorts. S.K.B.W.V. Acquisition LLC LL acquired the Best Western Plus for $3.8 million. The hotel includes 58 recently renovated rooms and an owner/property manager residence. The Palmer House Resort is situated on 16-acres in Manchester. Palmer House LLC purchased the hotel for $3 million. The 50-room property is surrounded by the Green Mountains and features a nine-hole golf course and trout pond.

March 10, 2017

Multifamily Northeast Office Vermont

Battell Block Partners Acquires 68,200 SF Office, Apartment Building in Vermont

by Amy Works February 8, 2017

MIDDLEBURY, VT. — Battell Block Partners has acquired the historic Battell Block building, which houses office and residential apartment space, located at 10 Merchants Row in downtown Middlebury for an undisclosed price. The seller was Battell LLC. Commercial tenants at the property include Community College of Vermont, Edgewater Gallery, Sabai Sabai, Carol’s Hungry Mind Café and Middlebury College’s restaurant 51 Main. The buyer intends to redevelop parts of the building. The buyer is a partnership between Doug Nedde, Alain Youkel and Fernando Cresta of Nedde Real Estate.

February 8, 2017

Northeast Office Vermont

Nedde Real Estate Facilitates Sale of 6,000 SF Office Building in Vermont

by Amy Works February 6, 2017

ST. ALBANS CITY, VT. — Nedde Real Estate has arranged the sale of an office building located at 242 S. Main St. in St. Albans City. BAART purchased the 6,000-square-foot Knights of Columbus building from Vermont Club Home Association for an undisclosed price. Grant Butterfield of Nedde Real Estate arranged the transaction.

February 6, 2017

Multifamily Northeast Vermont

Nedde Real Estate Arranges Acquisition of 12-Unit Apartment Building in Colchester, Vermont

by Amy Works January 26, 2017

COLCHESTER, VT. — Nedde Real Estate has brokered the purchase of a multifamily property located at 961-967 Mill Pond Road in Colchester. Jeff Peck of Peck Investment Properties acquired the 12-unit apartment building from RMPR LLC for an undisclosed price. Grant Butterfield of Nedde Real Estate represented the buyer, while Steve Donahue of Donahue & Associates represented the seller in the transaction.

January 26, 2017

Northeast Office Vermont

Nedde Real Estate Arranges 5,808 SF Office Lease in South Burlington, Vermont

by Amy Works November 21, 2016

SOUTH BURLINGTON, VT. — Nedde Real Estate has brokered the lease of 5,808 square feet office at 1891 Williston Road in South Burlington. The tenant, Ideas Well Done, will move into the space in early December. Fernando Cresta and Doug Nedde of Nedde Real Estate co-own the property. Meg McGovern of Donahue & Associates represented the tenant in the lease.

November 21, 2016

Northeast Office Vermont

Nedde Real Estate Brokers Office Lease in Shelburne, Vermont

by Amy Works November 17, 2016

SHELBURNE, VT. — Nedde Real Estate has arranged an office lease at 181 Falls Road in Shelburne. NorthEast Estates and Trusts PLLC and Law Office of Richard J. Fox will occupy 955 square feet at the property. The lease will begin in January 2017 and expire in two years. Fernando Cresta of Nedde Real Estate arranged the lease transaction. The landlord is LaPlatte Partnership.

November 17, 2016

Affordable Housing Multifamily Northeast Vermont

Addison County Community Trust, Cathedral Square Corp. Open Net-Zero Affordable Housing Development in Vermont

by Amy Works October 20, 2016

WALTHAM, VT. — Development partners Addison County Community Trust and Cathedral Square Corp. have redeveloped a formerly unoccupied manufactured home park in Waltham into McKnight Lane, Vermont’s first net-zero affordable housing community. The $3.6 million community features 15 net-zero energy homes configured into seven duplexes with 12 two-bedroom layouts and two three-bedroom layouts. The homes are available for households with incomes at or below 50 percent and 60 percent of the area median income. The homes incorporate the latest in energy-efficiency design and technology, including a high-performance building envelope, cold climate heat pumps and a state-of-the-art ventilation system. Additionally, each home is designed to have its total energy usage, including heating, cooling, domestic hot water, appliances and plug demands, met by a 6 kW roof-mounted solar photovoltaic array, and each home features a 6 kWh AC sonnen smart solar energy system for backup power.

October 20, 2016

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