ABS Altman Warwick, a New York City-based capital market advisory firm and division of ABS Partners Real Estate, has closed a $15.25 million permanent loan secured by the 309,800-square-foot Walmart-anchored shopping center located in Hartford, Connecticut. 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 supercenter’s ground lessee. The site comprises 26 tenants including Marshall’s, Dollar Tree, AT&T, Sprint and T-Mobile. There are also five outparcels consisting of national quick-service restaurants. Paramount took over the shopping center in 2004 through a 99-year ground lease with the City of Hartford.
“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,” Dweck said.