ASC Lines Up Cash-Out for NNN Grocery Near Hartford
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. 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 15-20 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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