UBS Closes $29M CMBS Loan on Connecticut Retail Asset
The Naugatuck Valley Shopping Center in Waterbury, Conn., landed a $29 million CMBS refinance from UBS.
By Cathy Cunningham March 18, 2020 5:42 pm
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While many were losing their heads this week and the market was in freefall, some loans continued to close — and on retail assets, no less.
The Naugatuck Valley Shopping Center in Waterbury, Conn., landed a $29 million CMBS refinance from UBS, in a deal that closed late Monday.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer negotiated the debt on behalf of New Jersey-based borrower Lexington Realty International.
The 383,000-square-foot grocery-anchored retail center — at 950 Wolcott Street — was built in 2001 and is roughly 98 percent anchored, and leased to a variety of tenants including Walmart, Stop & Shop, Comcast and Weight Watchers.
Walmart and Stop & Shop have both made substantial improvements to their spaces recently, with the latter tenant undertaking a $2 million renovation plan.
“This property contains a diversified roster of tenants,” Stolly said in prepared remarks. “The recent extension by Stop & Shop demonstrates the property’s strategic location and importance to the regional retail community.”
There is uncertainty and volatility felt by all participants in the debt capital markets this week as a result of the coronavirus pandemic, with retail and hospitality assets being hardest hit and several retailers shuttering in a bid to contain the spread of COVID-19.
“By working in close partnership with UBS and the sponsorship, we were able to close a very attractive loan during a very uncertain time,” added Roeschlaub.
An official at UBS declined to comment.
