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.
Project completion date is expected in June of 2018.
Last year Elm Grove completed the highly anticipated, “The Flats @ Hanover Commons,” a 22,000 sq. ft. mixed-use building at 235 Hanover St., 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 three months of opening.
The project plan includes 30 high-end one-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.
Owner and restaurateur Scott Forrester, formerly of bluAqua in Amherst, along with executive chef Christopher Noble, are planning a restaurant with a southern cuisine theme, according to Elm Grove.
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.
