Newmark has arranged a $29 million fixed-rate loan for the refinancing of the Naugatuck Shopping Center in Waterbury, Connecticut. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of the New York Debt & Structured Finance team, along with Senior Managing Directors Nick Scribani and Chris Kramer. UBS provided the loan.
The 383,000 square-foot grocery-anchored power shopping center is located at 950 Wolcott Street in Waterbury, Connecticut. The center is home to several well-known tenants, including Walmart, Stop & Shop, Sprint, Weight Watchers and Comcast, and is approximately 98% occupied. Over the past year, Walmart invested in a substantial renovation and remodeling of its space to upgrade the store and improve the customer experience. The Stop & Shop grocery store and gas station, which recently extended their lease, also underwent a $2 million renovation plan, making it a significant and regular draw for nearby residents and regional travelers.
Stolly commented, “This property’s diversified roster of tenants make it a popular destination for the regional retail community. The recent extension by Stop & Shop underscores the center’s strong location and its importance to area residents and travelers alike.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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