The complex, located in Downtown Bridgeport at 350 FairfieldAve., consists of a seven-story 120,000-sf building; a four-story40,500-sf building and a three-story brick building that totals9,500 sf. Forstone Capital reports the complex is currently 95%occupied. Also included in the deal is an adjoining two-acre vacantparcel that the partnership is studying for possible futuredevelopment.

|

"In a time of widespread financial turbulence, the completion ofthis transaction was a significant accomplishment for our company,"says Brandon Hall, co-principal of Forstone Capital. "We arethrilled to be playing an active role in the revitalization ofDowntown Bridgeport, while expanding our portfolio."

|

Brett Wilderman, co-principal of Forstone Capital, adds thatMaxwelle Real Estate is an equity partner in the deal. In addition,the joint venture secured approximately $9.5 million in debtfinancing, for a five-year term, from Washington Mutual at a rateof nearly 6.1%. Fred Frasinelli of AMS Real Estate of Bridgeportwas a broker in the off-market deal.

|

Wilderman adds that the Downtown Bridgeport office vacancy ratein high quality buildings is in the single digits, which is whatattracted the firm to the area. Major tenants at Lafayette Circleinclude the State of Connecticut, which leases space for itsDepartment of Labor, Human Rights and Judicial Court operations,the law firm of Koskoff, Koskoff & Bieder and CumulusBroadcasting Inc. Forstone Capital plans to make some improvementsto the complex.

|

Forstone Capital, which was founded a year ago, purchased the36-unit Patrick Wells apartment complex in Bridgeport in April2007. Wilderman says the firm is in contract for a 23-unitapartment complex in the area.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.