Press Release brought to you by CBRE/New England

CBRE/New England Multi-Housing Group Sells The Ledges for $48.25M; CBRE Capital Markets Arranges Financing


Tuesday, October 21, 2014



CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038




CBRE/New England Multi-Housing Group Sells The Ledges for $48.25M; CBRE Capital Markets Arranges Financing

339-unit, Class A apartment community in Groton, CT sold and financed


BOSTON (Oct. 21, 2014) — CBRE/New England’s Capital Markets team announces the sale and financing of The Ledges, a 339-unit, Class A apartment community located in Groton, Connecticut.


CBRE/NE’s multi-housing experts Simon Butler, Biria St. John and Mike Stone, exclusively represented the seller, LCOR Groton Apartment, LCC, an affiliate of LCOR, and procured the buyer. The asset traded hands for $48.25 million. “We are pleased to have facilitated this transaction on behalf of our client,” said CBRE/NE’s Butler.


Mike Riccio, Susan Larkin and Anna Pfau of the CBRE Debt & Structured Finance team in Hartford, Connecticut placed acquisition financing in the amount of $39.21 million for The Ledges. CBRE’s Riccio added, “The lender did an extraordinary job to meet the tight timeframes for this closing and provided an attractive financing package.”


The Ledges consists of one single-story leasing center and 14 garden-style apartment buildings built in 2005 spread over 24.19 acres. The community offers superior highway access and is located within easy access to I-95, as well as numerous retail amenities. Unit amenities include fully applianced kitchens, in-unit washer and dryers, and 8’6” ceilings throughout.The unit mix is comprised of 148 (44%) one-bedroom apartments, 155 (46%) two-bedroom apartments and 36 (10%) three-bedroom townhomes with an average unit size of 1,022 square feet.


Community amenities include a state-of-the-art clubhouse offering a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards room with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and children’s playground area as well as natural walking trails and a Fit-Trail with 12 exercise stations. There are a total of 607 parking spaces (including 36 attached garage parking spaces in townhouse units). A number of buildings have ocean views of the Long Island Sound as well as nature views of mature landscaped surroundings. Units offer in-unit washer and dryers along with private balcony or patio in all units off vinyl-frame French doors in living room. Select units offer additional features including upgraded kitchen finishes, soaking/garden tubs and gas fireplaces. There are also 25 storage units available.




About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.


10/21/2014 - 11:45


CBRE/New England

Want more news about CBRE/New England? Click here