American Street Capital (ASC) has secured a $12-million cash-out refinance for a triple-net, single-tenant supermarket occupied by a Stop & Shop in the Hartford suburb of Manchester, CT. The loan was placed with a correspondent CMBS lender.
Built in 1992 and renovated in 2018, the property has a gross area of 7.65 acres and GBA of roughly 69,000 square feet. The asset shadow-anchors a regional shopping center.
The borrower’s challenging request was to source a 10-year fixed loan with maximum leverage, a highly competitive interest rate and longer amortization for a single-tenant property with a lease expiration during the loan term.
ASC responded with a non-recourse, 10-year fixed term offering on a 30-year amortization schedule. It represents a net cash-out in excess of 40% of the current debt.
The loan was originated by Igor Zhizhin, president of Chicago-based ASC.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
