Wilton Executive Campus, Wilton
L.J. Melody & Co., the real estate investment banking arm of CB Richard Ellis, has arranged permanent financing in the amount of $36 million for Wilton Executive Campus, an office and retail complex located on River Road in Wilton. Bear Stearns Commercial Mortgage provided the loan on behalf of Wilton Executive Campus LLC.
Tim Harwood, assisted by Bill Catanzaro of L.J. Melody’s Stamford office, secured funding for the transaction.
“The loan proceeds were used to refinance and defease an existing loan,” Harwood said. “The cost of defeasing was justified by the additional loan proceeds generated and the increased cash flow made possible by a lower constant on the new loan.”
Wilton Executive Campus consists of an 118,000-square-foot office building and an office/retail/theater complex containing 70,000 square feet. The entire complex is substantially leased to several notable regional and national tenants: The Gap, Crown Theaters, Starbucks, Chico’s and Greenfield Online.
L.J. Melody & Co. offers a broad range of financing services and funding options through its relationships with numerous lending sources. In 2004, the firm generated $13.3 billion in real estate financing transactions and currently maintains a servicing portfolio of more than 8,000 loans totaling approximately $60 billion through its affiliate, GEMSA Loan Services.
Six-Family Sold
Jack Lynch and George Vermilyea of the Bethel office of Coldwell Banker Commercial-Scalzo Group has brokered the sale of a six-family property located at 37 Stevens St. in Danbury. The $489,000 transaction included both the building and the land. Lynch represented the seller and George Vermilyea represented the buyer.
Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate Corp. The company has independently owned and operated affiliate real estate offices in more than 325 markets throughout the world and leads the industry in providing commercial real estate solutions and the management of commercial real estate property.
Milford Land Purchased
H. Pearce Commercial Real Estate recently announced that Riverbrook LLC has purchased 17 acres of land on West Avenue in Milford. The parcel will be used to build age-restricted condo housing.
David Roetting of H. Pearce Commercial Real Estate exclusively represented both the seller, the Regional Water Authority, and the buyer, Riverbrook LLC, in the transaction.
H. Pearce Commercial Real Estate specializes in Connecticut’s central, south central, and shoreline markets. It has offices in North Haven and Rocky Hill.
Geenty Completes Deals
Agents at The Geenty Group, Realtors, recently completed a pair of transactions.
Kristin Geenty and Kevin Geenty have completed a lease of 1,690 square feet of first-floor office space at 38 Academy St., located in the Village area of Madison. The new tenant is State Farm Insurance Co., specifically agent Michael A. Makara. The company will be renovating the space for its use and relocating to the facility, which is visible from Route 79, in October. Makara will continue to offer all lines of State Farm insurance to shoreline residents and businesses. The building, owned by 38 Academy Street LLC, is now totally full.
Additionally, William N. Clark, senior vice president at The Geenty Group, Realtors, has brokered the lease of 800 square feet of industrial/flex space in a multi-tenant facility located at 282 Woodmont Road in Milford. The tenant, Edward Ruocco, plans to use the space for a metal fabrication business. Clark also represented the landlord, D’Amato Investments.
