Flanagan’s Landing - Glastonbury, CTGlastonbury, CT CBRE capital markets’ debt & structured finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit, class A multifamily complex.
The $36.5 million construction loan carries a three-year term plus a mini-perm at a market spread over LIBOR. Financing was provided by Wells Fargo Bank. Equity in excess of $14 million was contributed by a private institutional investor.
Mike Riccio, Susan Larkin, and Anna Pfau of CBRE’s Hartford, Conn. office with assistance from Kyle Juszczyszyn from CBRE/New England’s Boston office placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.
Riccio said, “We are thrilled with the outcome on this deal. We were able to bring strong institutional capital, both equity and debt, to consummate this fabulous transaction. The institutional investor did a phenomenal job working with Marty Kenny and his team to bring Marty’s conceptual ideas into reality. The construction lender, Wells Fargo, also performed strongly to help this deal close within a fixed timeframe and delivered a great loan structure to our team. The beneficiaries will be the tenants who will live at the property once it is complete, and the town of Glastonbury, who will benefit from this tremendous adaptive reuse of the old Flanagan’s tannery.”
Flanagan’s Landing will utilize a historic Glastonbury mill and will convert into the town’s premier luxury apartment community. The property will be equipped with garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas, with unbeatable proximity to Glastonbury town center. Tenants will also enjoy in-unit washer and dryers and top-of-the-line unit finishes and amenities.
Flanagan’s Landing will include 6,150 s/f of commercial space designed for a restaurant and will include an outdoor patio that will overlook a waterfall and Roser’s Pond, as well as a roof-top wine terrace. The sponsor has committed to preserve in excess of 11 acres along the eastern perimeter of the Property fronting Roser’s Park and Hubbard Brook. This heavily wooded, natural oasis will feature walking trails and pet stations for the future tenants of the property.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms (in terms of 2014 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
Lexington Partners LLC has over 33-years of experience managing, developing and owning commercial real estate. Martin Kenny, 59, is the principal and sole owner of Lexington Partners, LLC a Hartford based commercial real estate firm. Kenny has been active in the Connecticut, New England and Florida Commercial Real estate markets as a developer, owner, broker, lender and property manager.