March 30, 2020
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.
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