Connecticut Mall Receives $15M Permanent Loan
By Guelda Voien April 16, 2015 2:24 pm
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Connecticut landlord and developer HB Nitkin Group nabbed $15 million in permanent financing on their retail center Playhouse Square, according to CBRE (CBRE), which brokered the loan.
The 10-year loan with a rate of 4 percent has an LTV of 75 percent. The fixed-rate loan from New Canaan, Conn.-based Bankwell Bank has “flexible prepayment terms and a 30-year amortization schedule,” said a representative for CBRE.
The 39,000-square-foot retail center is located at 275 Post Road East in Westport, Conn.
CBRE arranged the 10-year loan with a coupon rate of 4.0 percent at 75 percent LTV. The fixed-rate loan provides flexible pre-payment terms and a 30-year amortization schedule.
Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office worked on the transaction.
“Playhouse Square is a niche play,” Mr. Fisher said via email. “While the demographics are the same as Main Street, tenants pay less rent due to the ‘off-Main Street’ location. It’s a win-win for everyone.”
Tenants include Qdoba, Lilly Pulitzer, Organic Market, Pure Barre and Massage Envy, among others.
Playhouse Square also has another secret weapon, according to HB Nitkin Director of Leasing Craig Way. “Parking is always an issue in Westport and other towns with vibrant downtown retail corridors,” he said in prepared statements. “Playhouse Square has a unique downtown area setting, with ample on-site parking.”
