HFF announces acquisition financing for New Haven retail center

Orange Plaza, Orange, CT

FLORHAM PARK, NJ – Feb. 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the acquisition financing of Orange Plaza, a 58,210-square-foot community retail center in the New Haven-area community of Orange, Connecticut.

Kim Bushey

The HFF team worked on behalf of the borrower, PAG Investments, to secure the seven-year, floating-rate loan through Connecticut-based Putnam Bank. 

Completed in 2001, Orange Plaza is fully leased to Best Buy and PetSmart and shadow anchored by a Target-anchored retail center with Starbucks, CVS Pharmacy and Pizza Hut. 

The center is located at 3 Boston Post Road (Route 1), a major retail corridor that leads directly to downtown New Haven, which is approximately 3.9 miles from the property. 

Nearly 50,000 residents earning an average annual household income of $119,279 live within a three-mile radius of the property.

Michael Klein

The HFF debt placement team representing the borrower included managing directors Michael Klein and Rob Hinckley.  Putnman Bank’s team was led by senior vice president Kim Bushey, chief commercial lending officer.

“HFF is pleased to have had the opportunity to secure acquisition financing for PAG Investments once again,” Klein said.

 “This acquisition represents PAG Investment’s commitment to the Boston Post Road Retail Corridor and the overall Orange, Connecticut, market, as it purchased Home Depot Plaza, which is 0.5 miles away, in February 2018. 

"Putnam Bank quickly understood the benefits that this property provides the local community and was able to offer a seven-year term at a very attractive interest rate.”

Rob Hinckley

PAG investments is a privately-held real estate investment firm headquartered in New York City. 

 PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic. 

PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors and the communities in which they work and live.

CONTACTS:

MICHAEL KLEIN

HFF Managing Director

(973) 549-2000

mklein@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com