Stop & Shop Manchester CT

February 14, 2019 Comments (0) Views: 337 New York News, Tri-State Area New York

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.

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