Tuesday, October 10, 2017

Elm Grove Companies Expands into Concord with 45,000 sq. ft. Downtown Mixed-Used Re-Development

Concord, NH - Elm Grove Companies has acquired 4 brick buildings with over 45,000 sq. ft. of space on Pleasant and South State Streets in Concord, NH.  The properties are on 5 separate deeds and were purchased from two separate owners for a total of $2,395,000.
The acquisitions afford Elm Grove an opportunity to work with the City of Concord and perform a mixed use re-development effort in the heart of the thriving downtown.  The properties include the handsome Star and Kearsarge buildings, which will benefit from millions of dollars in modern upgrades and restoration, while maintaining the historic feel and facades.

Elm Grove Companies has experience in similar re-development efforts, having recently completed “The Flats @ Hanover Commons”, a 22,000 sq. ft. mixed-use building at 235 Hanover Street 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.
Elm Grove’s vision for the four buildings calls for 41 high-end apartments and 18,000 sq. ft. of commercial space – including existing retail shops, coffee shop, pizza shop, Asian noodle shop, and office space.  The apartments will be a mix of micro-living “min-i flats,” 1, 2 and 3 bedroom apartments. 

“All efforts will be made to include a rooftop deck with a view of our Capitol’s golden dome, though we are not yet in a place to promise that,” said Elm Grove’s David Schleyer. “The response by the City, local developers and community organizations in welcoming Elm Grove has been heartwarming. The City cares about downtown’s revitalization and has been aggressive in breaking down barriers and helping us define a clear path toward a successful re-development.”

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.

“Elm Grove has been fortunate to have a strong and growing base of equity investors who share our vision for re-developing New Hampshire communities,” said Elm Grove’s Newton Kershaw III, “Without them, we could not do these projects - period. They want a return on their investment, of course, but more, they value local impact investing where they can see positive outcomes in the places they live, work and play.”

Debt for the acquisitions was provided by Bangor Savings 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.

No comments:

Post a Comment