HB Nitkin has secured a $14 million loan to refinance the Front Street Retail Center in the Convention District in Hartford, Connecticut. The 63,800 sqf entertainment and restaurant project is located at the corner of Columbus Boulevard and Arch Street, on the eastern edge of Hartford’s Central Business District. Financing for the scheme was arranged by CBRE with a 10-year loan through People’s Bank. Proceeds from the loan will be used to refinance the original construction loan and repatriate a portion of the equity used for construction. The center is currently 93 percent leased with national tenants Capital Grille, Spotlight Theater, Infinity Music Hall, Ted’s Montana Grill, Nix’s Hartford, Bear’s Smokehouse and Qdoba. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office facilitated the loan on behalf of the borrower.
