149,981 square foot Middletown Plaza Shopping Center
Flexible prepayment and first year IO
Funded during transition of major anchor tenant
Cronheim secures $28MM for the Marketplace at Manville
David Turley and Janet Proscia of Cronheim Mortgage teamed up to place a $10,000,000 permanent loan the on the 149,981 square foot Middletown Plaza Shopping Center on Washington Street in Middletown, CT. The 10-year financing was secured with a bank, which offered a 10yr fixed rate, flexible prepayment and some interest only in the first year of the loan term.
The Property recently signed leases with Big Lots and PETCO who join Staples, Dress Barn, RadioShack, GNC, Workout World and others in this Middletown mainstay shopping destination.
Turley commented: “We closed this financing with the center still recovering from the departure of its grocery anchor, A&P, a few years ago. Our client wanted to accomplish the dual objectives of locking in attractively priced long-term financing while pulling out some capital for leasing costs. While it’s not easy to fund a permanent loan on a property in transition, we found a balance sheet lender who believed in the real estate.”
Proscia added: “A strong borrower profile and the recent leasing velocity helped us get the lender’s attention. But it was the long-term shop-space tenancies and strong property performance even after A&P vacated that got the lender comfortable the center’s long-term viability.”