Manchester, NH - Elm
Grove Companies has acquired 922 Elm Street, Manchester, NH for
$1,450,000. The former Ted Herbert’s
building consists of 33,000 square feet on four floors and directly abuts
Manchester City Hall.
The
acquisition of the property opens the door for Elm Grove to execute on its
second downtown Manchester mixed-use project.
Currently, the property is one of the few dark and lifeless buildings in
the heart of Elm Street, and Elm Grove is looking forward to the revitalization
of the area.
Last
year Elm Grove completed the highly anticipated, “The Flats @ Hanover Commons,”
a 22,000 sq. ft. mixed-use building at 235 Hanover Street, the former Farnum
Center, in downtown Manchester. As the first micro-living concept in New
Hampshire, it includes 32 high-end apartments, 5 offices, a restaurant, courtyard,
laundry facilities, and gym. The property was well received by the local
community and officials, becoming fully occupied within 3 months of opening.
The
project plan for 922 Elm Street, Manchester, NH includes 30 high-end 1 bedroom
apartments on the upper three floors, a 6,000 sq. ft. ground level restaurant
on Elm Street, and 2,000 sq. ft. of retail space. Elm Grove’s vision for the
space includes cool features such as balconies on interior units facing an open
air atrium garden, a fitness room and rooftop deck.
This
acquisition represents the fourth in a year that was made possible through
private equity syndication. Elm Grove
has been successful in raising money from accredited investors to make this
project and others possible.
“The
appetite by our investors to participate in this project was amazing,” said Elm
Grove’s Newton Kershaw III, “We have continued to have more interest from
equity investors than we are able to place in each of our syndicated
re-development projects. The desire of investors to earn a return was expected;
the need for investors to feel that their investments are having a community
impact has been the differentiator. Our
investors share the pride that Elm Grove has in breathing new life into our New
Hampshire communities.”
Debt
for the acquisitions was provided by Bangor Savings Bank and the Concord
Regional Development Council (CRDC) and was procured with the help of Pat Brady
of Cornerstone Realty Capital.
About
Elm Grove Companies
Elm Grove Companies is New England’s full service real
estate investment firm, headquartered in Manchester with offices throughout New
Hampshire and Central Massachusetts. This vertically integrated company
combines property management, real estate investments, brokerage services and
construction services all under one roof. Elm Grove currently owns and manages
over 1,300 apartments, with 75 employees. For more information, visit
elmgrovecompanies.com.
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