Bristol’s 78-unit Brookside Apartments recently sold for $7 million, or $89,743 per unit, to an active New York landlord that has acquired other area multi-family properties lately, brokers say.
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Bristol's 78-unit Brookside Apartments recently sold for $7 million, or $89,743 per unit, to an active New York landlord that has acquired other area multi-family properties lately, brokers say.
New York-based Up Realty acquired the property at 111-159 Union St. from Bristol Brookside LLC, said exclusive broker Chozick Realty, which brought the buyer to the table.
On the market for three weeks, the property generated multiple offers, Chozick broker Steve Pappas said. This is the second time in seven years that Chozick has brokered Brookside's sale.
In June 2010, Bristol Brookside LLC paid $6.2 million, or a then-record $79,487 per unit, for the property.
Built in 1961, Brookside was completely renovated in 2003, with all garden-style units remodeled, new roofs, windows and heating systems installed and grounds landscaped.
Its mix of 12 one-, 41 two-, and 25 three-bedroom apartments are within walking distance of Bristol's town center.
In late 2016, Up Realty paid more than $20.4 million for a portfolio of 10 Hartford area apartment-condominium communities with 384 units.
Broadleaf’s $30.9M refi
The owner of the year-old Broadleaf Apartments in Manchester has refinanced a $30.9 million mortgage secured by the property, its lender says.
The 224-unit rental community opened in 2016 on 29 acres at 400 Broadleaf Blvd.
According to KeyBank Real Estate Capital, which arranged the Fannie Mae first mortgage, the debt carries a 10-year term, with a three-year interest-only period and a 30-year amortization schedule.
Evergreen Crossing LLC, developer of both Evergreen Walk and The Shoppes at Buckland Hills mall and much of the surrounding commercial-residential sites around it, including some 1,000 apartment units, developed The Broadleaf for $34.6 million.
The market-rate complex consists of six buildings, with 57 one-bedroom and 167 two-bedroom apartments. Residents will have access to 72 carport spaces and 432 open-air parking slots.
Griffin’s $12M loan
New York/Bloomfield landlord Griffin Industrial Realty Inc. recently took out a $12 million mortgage secured by a pair of New England Tradeport warehouses to fund operations and more realty investment.
Griffin, a publicly traded realty company headquartered in New York but with major operations in Bloomfield, said the 10-year, nonrecourse loan to one of its subsidiaries is through People's United Bank.
The debt is secured by two unidentified but fully leased industrial/warehouse buildings totaling about 275,000 square feet in the Tradeport, an industrial park straddling Windsor and East Granby.
Griffin said its affiliate also inked an interest-rate swap agreement with People's United that effectively fixes the interest rate at 4.45 percent over the loan term. Principal payments are tied to a 25-year amortization schedule.
Griffin said it intends to use the mortgage proceeds for general business purposes, including continued investment in its real estate assets.
D&D Market space for rent
The 17,000 square feet of retail space that formerly housed D&D Market in Hartford's south end is available for lease, brokers say.
The market at 276 Franklin Ave. closed last September. A second D&D location in Wethersfield remains open.
According to listing broker Reno Properties Group LLC, the asked rent is $12 a square foot.
Other tenants include D'Aprile Package Store, Dunkin' Donuts and People's United Bank.
S. Windsor price cut
The asking price on a 9,916-square-foot South Windsor industrial building has been trimmed 8 percent, to $690,000, brokers say.
The 30-year-old building on 2 acres at 279 Nutmeg Road South was originally listed last fall at $750,000, said listing broker Sentry Commercial.
The building has a pair of eight- and 10-foot overhead doors, and 4,200 square feet of finished office space.
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Gregory Seay is the Hartford Business Journal News Editor.
