166 Glover Ave., Norwalk
Roger W. Ludwig Jr. of Coldwell Banker Commercial NRT Inc. recently represented Vectron International of Hudson, N.H., in the $6.3 million sale of its 56,504-square-foot facility at 166 Glover Ave. in Norwalk to Building and Land Technology.
The building is located with Norwalk’s premier office park and has direct access to the Merritt Parkway and the Route 7 connector to Interstate 95.
Officials said the site offered Building and Land Technology the opportunity to bolster its portfolio of buildings within the park and offer a free-standing building to a single user.
Based in Hudson, N.H., and with operating facilities and sales offices in North America, Europe and Asia, Vectron International is well known for its technical capabilities in both crystal oscillator and SAW filter design. The innovation and capability provided by the company reflects the trend toward higher frequencies, low-cost designs and miniaturization, as well as more technologically sophisticated integrated solutions.
Coldwell Banker Commercial NRT operates in 21 states as the commercial real estate arm of NRT Inc., a subsidiary of Realogy Corp. Coldwell Banker Commercial NRT ranks as the 12th largest corporate-owned brokerage operations in the United States with over $6.4 billion in closed transaction volume in 2005. Realogy Corp. is the world’s leading real estate franchisor.
Complex Gets Financing
Leonard Lucas of Love Funding Corp.’s Boston office recently secured $19.85 million in financing for the Geer Senior Housing Complex. The financing took the form of an $18.85 million term loan and a $1 million revolving credit line. The lender was a portfolio lender active in the senior housing sector.
The loans were secured by Geer Woods, a 118-unit assisted-living facility, and the 120-bed Geer Skilled Nursing and Rehabilitation Center located in Canaan. The financing allowed the nonprofit owner to consolidate several debts under one loan, which afforded the nonprofit a substantial debt service savings.
The most significant aspect of this complicated transaction is that the loan closed within three weeks of the borrower’s execution of the lender’s conditional commitment. Officials said the involved parties worked long and hard, overcoming many obstacles, to close the transaction in a time frame that allowed the borrower to avoid what would have been severe financial penalties associated with a delayed closing.
Love Funding Corp. is part of the Love Cos., an investment holding company with origins dating back to 1875. Love Funding commenced mortgage banking operations in 1984 and continues to serve clients across the United States from its offices in Boston, Chicago, Dallas, Denver, Detroit, Los Angeles, New York, Seattle and several other major cities. The company offers funding programs for multifamily, affordable housing, condominium development, health care, hospitality and recreational, shopping centers, office buildings, light industrial and manufactured housing properties. Love Funding’s sources include conduits, life companies and others. Services include refinance and acquisition loans for existing properties and construction and development loans for most property types.
Core Signs Lease
Core Informatics has signed a long-term lease for 1,500 square feet at 500 East Main St. in Branford. Core Informatics’ Laboratory Information Management Systems consultants provides a fully customized and integrated LIMS software solution (Core LIMS) to maximize the efficiencies of any biotechnology, pharmaceutical or academic research organization and improve the overall quality of their research efforts.
Richard Guralnick, senior broker at North Haven-based H. Pearce Commercial, represented both parties in the transaction.
