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Boston & New England  + New England  + Retail  | 

Hartford Retail Ground Lease Secures $15M Loan

New York City-based ABS Altman Warwick closed on a $15,250,000 permanent loan secured by Charter Oak Marketplace, a 309,800-square-foot Walmart-anchored shopping center in Hartford, CT. The seven-year balance sheet loan is non-recourse and was closed at a fixed rate of 3.50%.

Morris Dweck of ABS Altman Warwick originated and placed the loan on behalf of Paramount Realty, the ground lessee of the supercenter.

“Because of the high average historical occupancy and strong sponsorship, ABS Altman Warwick was able to find a relationship lender who was comfortable financing the ground lease position with the main anchor tenant’s lease expiring soon after the loan maturity,” said Dweck.

Paramount took over the shopping center in 2004 through a 99-year ground lease with the City of Hartford. Since then, the company has continually executed on its strategic capital improvement program for the property.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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