Main Office
132 Old Post Road
Southport, CT 06890
Phone: 203-255-1700
Fax: 203-259-3030
Mid Atlantic Office
511 W. Beechtree Lane
Wayne, PA 19087
Phone: 610-293-1976
Fax: 610-293-7617
Transaction History
MILLWOOD VII
New Hampshire, Vermont and Maine
Boston, MA
Acquired: 12/1993
Description:
In December 1993, Millwood purchased a non-performing blanket mortgage
secured by 300,000 square feet of warehouse/flex space located in New
Hampshire, Vermont and Maine for $4 million. Mr. McDevitt negotiated a deed
in lieu of foreclosure, then sold 200,000 square feet to pay down the
$3,500,000 acquisition loan to $1,900,000. The remaining 100,000 square
feet were the most desirable properties and are still owned by Millwood.
The remaining properties are located in Salem, Portsmouth, Holderness and
Concord, New Hampshire. The properties, which are 100% occupied, generate a
Net Operating Income of $532,302. At a Capitalization rate of 10%, the
properties are valued at $5,323,020. The properties have been refinanced
and the original investment of $502,000 was distributed to the partners at
the time of the refinance.
In November 1995, Millwood used the equity in the warehouse portfolio as the
down payment in the purchase of a 29,440 square foot six story office
building in the North Station submarket of Boston. The property is
generating a Net Operating Income of $407,038. The property was purchased
for $1,450,000, which is $49.25 per square foot. In the current market
value, this property is worth between $150 to $180 per square foot placing
the value of the property between $4,400,000 and $5,300,000.