261-263 Orange St., New Haven
The Geenty Group, Realtors, recently brokered the sale of 261-263 Orange St. in New Haven. The two brick, 4-story, townhouse-style buildings, which share common walls with two other row houses, were listed by The Geenty Group on behalf of Catapult Services, the sellers.
The properties were bought by Christopher Mulhall at a purchase price in excess of $550,000. Mulhall was represented by John Kirwan of Kirwan Real Estate in Wallingford, while Catapult Services was represented by Kevin C. Geenty of The Geenty Group.
Mulhall is finalizing plans for a major renovation of the buildings with a possible reuse for fine dining and libations.
AFC Arranges Financing
New York City-based AFC Realty Capital has arranged $4 million in mezzanine financing for Norwood Apartments, a 230-unit rental community in Norwood.
The funds were used by the borrowers to acquire the property, according to Michael Sonnabend, principal of the boutique real estate investment firm.
The loan was originated and placed by Sonnabend and Joseph Fatony, an AFC managing partner, with a private investment fund.
“This financing package had several obstacles to overcome,” Fatony said. “First of all, the property was subject to Housing and Urban Development guidelines, which presented limitations toward the lending options we could pursue.
“The owners also needed a loan which could close in a tight time frame, enabling them to purchase the property in a timely manner. Thankfully, we were able to utilize creative financing methods and draw from our extensive network of lending sources to complete a deal that met all the parameters.”
AFC Realty Capital is a real estate investment banking firm specializing in debt and equity financing, investment, development and consulting/advisory services. The firm has been instrumental, both in a principal and advisory capacity, in financing, investment and development transactions aggregating in excess of $10 billion.
Hamden Space Purchased
North Haven-based H. Pearce Commercial Real Estate recently announced that JKGK Realty has purchased 17,500 square feet of light industrial space at 5 Industrial Circle in Hamden. The sale value of the transaction was $730,000.
Kevin Smith of H. Pearce Commercial Real Estate exclusively represented the seller, 5 Industrial Circle Inc., while Steve Patten of The Proto Group represented the buyer.
H. Pearce Commercial Real Estate specializes in Connecticut’s central, south central and shoreline markets, with offices in North Haven and Rocky Hill.
Colonial Brokers Deal
Colonial Realty recently brokered the sale of a 56,000-square-foot residential investment property at 1 Quinnipiac Court in New Haven for $3.27 million.
The property, known as Quinnipiac Gardens, consists of 71 units in multiple 2-story buildings. It was built in 1960 and, according to officials, boasts high occupancy in a prime rental location that is poised for significant growth. David S. Gorbach and Joel Hausman of Colonial Realty were the sole brokers in the transaction.
Fairfield-based Colonial Realty, which serves Fairfield and New Haven counties, has specialized in commercial and industrial real estate since 1954.
Queen’s Bakery Sold
Queen’s Bakery, located at 1650 Watertown Ave. in Waterbury, has been sold by Dennis Rose to Boualem Kibboua of East Haven.
Kibboua, a longtime baker, said he will continue to provide the customers of Queen’s Bakery with the same product quality to which they have become accustomed over the past years.
Harold Kent of Levey Miller Maretz was the listing and selling agent.
