MERIDEN, CONN. — Greystone has arranged an $11 million loan through Fannie Mae to refinance The Kennedy Building in Meriden, a city located halfway between New Haven, Connecticut, and Hartford, Connecticut. Dan Sacks originated the financing on behalf of Kennedy Holdings LLC. The loan features a ten-year term and 30-year amortization, with seven years of interest-only payments. The Kennedy Building was constructed in 1921. The building rises five stories and offers studio, one- and two-bedroom apartments.
MANCHESTER, CONN. — Afton Properties acquired The Place at Catherine’s Way, a 303-unit community in the Hartford, Connecticut suburb of Manchester, from Beachwold Residential for an undisclosed price. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller in the transaction. Built between 1998 and 1999, The Place at Catherine’s Way comprises 13 buildings. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sauna, steam room, fitness center, tennis courts and movie theater.
NEW BRITAIN, CONN. — WinnDevelopment has broken ground on a $85 million project to convert a historic manufacturing complex in New Britain into a 154-unit community. Keith Construction is the general contractor. JCJ Architecture is the architect. Collective Design Associates and Langan Engineering and Environmental Services are providing engineering services. Bank of America provided a construction loan and more than half of the project’s funding through its investment in the low-income housing and historic tax credits generated by the development. The Connecticut Department of Housing provided $4 million in funding …
BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan to refinance Barnbeck Place Apartments, a 165-unit property in Brookfield in Fairfield County, Connecticut. The new Fannie Mae loan includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years. The financing was originated by Dan Sacks and Avi Kozlowski of Greystone, with Platinum Capital Group acting as correspondent on the transaction. Barnbeck Place Apartments offers studio, one- and two-bedroom units. Twenty percent of units are reserved for residents earning at or below …
NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …
MIDDLETOWN, CONN. — San Francisco-based real estate investment firm Hamilton Zanze has sold Middletown Brooke and Middletown Ridge Apartments in Middletown, a submarket of Hartford. The firm purchased the two-property, 516-unit portfolio in March 2018. The buyer and sale price were undisclosed. The Middletown Brook property features 280 units and has had significant renovations since its purchase in 2018. Built in 1989, the property offers amenities such as a clubroom, fitness center, swimming pool, dog park, barbecue areas and a carport. Middletown Ridge Apartments was built in 1988 and features …
MILFORD, CONN. — Wynnewood, Pennsylvania-based investment firm Merion Realty Partners has purchased Halstead Milford, a 246-unit apartment community located in southern coastal Connecticut. The total sales price was undisclosed. Virginia-based REIT AvalonBay Communities originally developed the three-story, garden-style property in 2004. Property amenities include a pool, fitness center, coworking space, game room and outdoor grilling and dining areas. Simon Butler, Biria St. John, Jeff Dunne, John McLaughlin, Eric Apfel, Stuart MacKenzie and Brian Bowler of CBRE represented the seller, an affiliate of The DSF Group, in the transaction. The team …
NEWINGTON, CONN. — Northmarq has secured $37.5 million in construction financing for the development of The Pike in Newington, a southwest suburb of Hartford. The developer broke ground at the end of 2022. The project completion date was not disclosed. The capital stack included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85 percent loan-to-cost. Financing was secured by Brad Burns, Brandon Harrington, Tyler …
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