Greenwich-based property company HB Nitkin has scored $21.3 million in bridge financing for Cromwell Square retail center in Cromwell, Connecticut. The 218,000 sqf community shopping center is anchored by a 100,000 sqf K-Mart. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buy-out of K-Mart and the associated costs of replacing it with a 65,000-sq.-ft. ShopRite grocery store and other future tenants. The sub-five percent loan is for 10 years and features a fixed-rate bridge loan, a 25 year ammortization schedule and two years of interest-only payments. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office, and Michael Riccio of CBRE’s Hartford office, facilitated the loan on behalf of the borrower. The scheme is located at 51 Shunpike Road in Middlesex County, Connecticut immediately west of Route 9.
“This is a 70% LTV loan that also facilitates the buy-out, lease-up, tenant finish and carrying costs of this center’s redevelopment. The bridge and long term permanent loan combination will save the client additional transactional fees and eliminate the risk of potentially rising interest rates in the future,” said Mr. Fisher, senior vice president, CBRE Capital Markets.
