Park Place West Apartments, West Hartford
The Stamford office of CBRE Melody recently arranged financing in the amount of $6.45 million for the acquisition of Park Place West Apartments and Westwynd Apartments in West Hartford. The closing of the financing transaction facilitated the purchase of the property.
Tim Harwood and Ron Roth, assisted by Bill Catanzaro, all of CBRE Melody’s Stamford office, underwrote the funding for the transaction. CBRE Melody provided the financing on behalf of Westhart Apartments LLC, with the loan subsequently being purchased by Freddie Mac. The purchase contract contained a 60-day closing time frame, and CBRE Melody worked with Freddie Mac to quickly work through the due diligence period to close on time. Terms of the financing include a 10-year fixed-rate loan with a 30-year amortization.
Park Place West Apartments is located on Newington Road in the Elmwood section of the city. The site is improved with two detached masonry buildings constructed in 1963. The complex contains a total of 63 residential apartment units. Westwynd Apartments is located on Caya Avenue. The site is improved with a 4-story masonry building constructed in 1969. The complex contains a total of 46 residential apartment units.
At the time of financing, Park Place West Apartments and Westwynd Apartments were 98 percent leased. Amenities at both complexes include fully equipped kitchens, landscaped grounds, abundant off-street parking and close proximity to retail in West Hartford Center.
Radio Museum to Relocate
The Vintage Radio and Communications Museum of Connecticut has completed the purchase of its new home at 115 Pierson Lane in Windsor. The building, which is approximately 20,000 square feet in size, is currently being improved by museum volunteers and should be open come fall 2006.
“It’s amazing how far we have come with very little money and lots of volunteer support,” said museum Director John Ellsworth. “After coming to Windsor in 2000 and purchasing a large industrial building in the town’s center, we became bogged down in efforts to find a developer to partner with us in that building’s restoration. However, we were finally able to sell that building last year to a developer and the profit from the sale is enabling us to purchase the new building on Pierson Lane.”
The museum is currently working with the town of Windsor to finalize a state grant to fund building upgrades to allow the facility to meet occupancy codes. Over the next few months the building’s sprinkler system will be improved, climate control systems will be installed, bathrooms upgraded, and handicapped accessibility features installed. Volunteers are currently working on building storage units for the collection, cataloging the collection and finalizing display plans.
“We hope to finally reopen around Labor Day this year,” said Ellsworth. “We are anxious to finally open our doors after being closed for so long. Once we do, we will be a regional tourist destination and another bright spot for the town of Windsor, offering visitors a chance to learn about the history and technology behind all of our modern communications systems like radio, television, and telephone. Our collection is truly one of a kind and it’s high time that we finally get to dust it off and show it to the world.”
