Elm Grove plans two new mixed-use projects
Residential and retail slated for downtown Manchester, Concord buildings
Manchester-based Elm Grove Companies has acquired four buildings in downtown Concord and another in downtown Manchester, with mixed-use in mind.
In Manchester, the company has purchased the four-story, 33,000-square-foot former Ted Herbert’s building at 922 Elm St. for $1.45 million.
Elm Grove said the acquisition opens the door for it to execute its second downtown Manchester mixed-use project. Last year the firm completed The Flats @ Hanover Commons, a 22,000-sqwuare-foot mixed-use building at 235 Hanover St., the former Farnum Center.
The project plan for 922 Elm includes 30 one-bedroom apartments on the upper three floors, a 6,000-square-foot ground-level restaurant and 2,000 square feet of retail space.
Elm Grove’s plans include such features as balconies on interior units facing an open air atrium garden, a fitness room and rooftop deck.
In Concord, Elm Grove has acquired four brick buildings with over 45,000 square feet of space at Pleasant and S. State streets. The properties are on five separate deeds and were purchased from two separate owners for a total of $2.395 million, the firm said.
Elm Grove plan calls for 41 high-end apartments and 18,000 square feet 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 “mini flats” and one, two and three-bedroom apartments.
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.”
Combined, the transactions are the firm’s fourth in a year made possible through private equity syndication, with Elm Grove raising money from accredited investors to participate, said Newton Kershaw III, the firm’s CEO.
“The appetite by our investors to participate in this project was amazing,” said Kershaw. “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 Manchester acquisition was provided by Bangor Savings Bank and the Concord Regional Development Council and was procured with the help of Pat Brady of Cornerstone Realty Capital.
Debt for the Concord acquisitions was provided by Bangor Savings and also was procured with Brady’s assistance.