Updated Oct 29, 2024
Waterstone Properties Group Acquires Office In Manchester, CT For $21.5M Loan
428 Tolland Turnpike, Manchester, CT, USA
$21,500,000
$207/SF
Building Size
103,500 SF
Asset Type
Office
Closing
Nov 29, 2020
About this deal
AI
The office property located at 428 Tolland Turnpike in Manchester, CT has undergone a recent transaction. The property offers 103,500 square feet of space on a 9.02-acre lot. The landlord of the property is Waterstone Properties Group, represented by Neal Shalom. The transaction was facilitated by Cornerstone Realty Capital.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $21,500,000
- Loan Terms: The transaction involved a $21,500,000 loan, with a 75% loan-to-value financing structure. The loan has a low fixed rate and a 25-year amortization schedule.
The transaction represents a significant deal in the Manchester, CT market. The involvement of Waterstone Properties Group, represented by Neal Shalom, as the landlord, highlights their position in the local real estate market. Cornerstone Realty Capital played a crucial role in facilitating the transaction, showcasing their expertise in commercial real estate.
On the Map
$21,500,000
$207/SF
Office
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Manchester Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93