February 14, 2019
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.
For comments, questions or concerns, please contact Paul Bubny