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Waterbury garden apts. refinanced for $5.8M

BY Natalie Missakian

12/1/2017

Photo | Contributed

249 Research Drive, Milford
A two-building garden apartment complex in Waterbury has been refinanced for $5.8 million, and the owner plans to spend $1.5 million on improvements, according to Hunt Mortgage Group.

The properties, known as Store Avenue Apartments, are located at 119 and 136 Store Ave. and include 113 apartments, which are 97 percent occupied, Hunt Mortgage said.

The New York City-based commercial real estate lender said it provided a $5.8 million, 10-year fixed rate, 30-year fully amortizing loan to 650 Howard 2017 LLC, which has owned the buildings since 2004.

Improvements planned include elevator replacements, new roofs and installation of solar panels at both buildings, said Josh Messier, director for Hunt Mortgage group.

7,500-square-foot machine company expansion

Bausch & Stroebel Machine Co. Inc. has leased a 7,500-square-foot warehouse and assembly space at 21 Commerce Drive in North Branford to accommodate an increase in sales, according to Branford's Geenty Group Realtors.

The German manufacturer of high-tech machinery for the pharmaceutical industry already leases 18,700 square feet in the building, but needed additional space, according to Geenty, which negotiated the transaction.

The landlord is W.E. Hitchcock LLC.

Milford fence company lease

A fence company has leased an 800-square-foot industrial unit at 249 Research Drive in Milford from D'Amato Investments LLC, Realtors said.

Discount Fence LLC will use the space to warehouse fence products and assemble special signposts for the state of Connecticut, according to The Geenty Group, which negotiated the lease.

N. Branford medical distributor lease

TXX Services Inc., a distributor of products for the medical industry, has signed a three-year lease on two units totaling 4,000 square feet at 5 Enterprise Drive in North Branford, Realtors said.

The warehouse space includes a truck dock and a drive-in door with 16-foot ceiling heights. Kevin Geenty of The Geenty Group represented the tenant, while Bill Clark of the The Geenty Group represented the landlord, K. Russo Construction Inc.

$780K Hamden sale

An 18,500-square-foot Hamden industrial building has sold for $780,000 to serve as another Connecticut location for materials-handling equipment vendor Tri-Lift Inc.

Murgo Empire LLC acquired the building at 1050 Sherman Ave. from Olde Ways LLC to house a Tri-Lift installation for selling, renting and servicing forklifts, lift trucks and pallet jacks, according to seller's broker, Press | Cuozzo Commercial Services.

The New Haven Group represented the buyer.

IAT Re's Cheshire renewal

Property-casualty insurer IAT Reinsurance Co. Ltd. has renewed and increased its lease in a Cheshire office building.

IAT extended its lease another three years through 2024 with landlord RPG Highland on 8,164 square feet at 1154 Highland Ave. and added an extra 3,147 square feet in the building, said sole broker Reno Properties Group LLC.

IAT Reinsurance provides truck liability and inland marine insurance to owner-operators and small fleet owners.

Gregory Seay contributed to this story. Natalie Missakian can be reached at news@newhavenbiz.com.