Wednesday, June 12, 2013

HFF places $15 million financing with PPM America for Hartford, CT retail power center


       Charter Oak Marketplace, Hartford, CT


FLORHAM PARK, NJ – HFF announced today that it has placed a $15 million financing with PPM America for Charter Oak Marketplace, a 309,842-square-foot, Walmart-anchored, retail power center in Hartford, Connecticut.

Jim Cadranell
                HFF worked on behalf of the borrower, Paramount Realty Services, Inc., to secure the 10-year, fixed-rate loan through a life insurance company.  Loan proceeds will refinance existing debt and pay for renovation costs currently taking place at the property.  HFF will also service the loan.

                Charter Oak Marketplace is situated on 33.5 acres at 475 Flatbush Avenue at the entrance ramp to Interstate 84 in Hartford.

Jon Mikula
Completed in 2005, the center is fully leased to tenants including Marshalls, Dollar Tree, Dunkin Donuts, Taco Bell, Payless Shoes and AT&T, and consists of two in-line retail buildings, five pad sites and a Walmart pad site.

  The renovations at the center include a 31,000-square-foot addition to Walmart to upgrade it to a full-service grocery store (Walmart is covering the cost), a 6,800-square-foot addition to house The Children’s Place and Famous Footwear tenants, and the construction of a new Denny’s restaurant that will be complete by the end of summer.

                The HFF team representing Paramount Realty Services, Inc. was led by managing director Jim Cadranell, senior managing director Jon Mikula and real estate analyst Samuel Seiden.

 Paramount Realty Services, Inc. was founded in 1994 as a full-service commercial real estate firm specializing in retail real estate in the Northeast.  

Paramount Realty owns and operates more than five million square feet of shopping centers throughout New Jersey, Connecticut, Massachusetts, Maryland and eastern Pennsylvania.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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