Westport's Playhouse Square Shopping Center Secures Refinance Loan

Westport CT

08 June, 2022

8:02 AM

Description

The following announcement is from CBRE Group, Inc: WESTPORT, CT — CBRE Capital Markets' Debt & Structured Finance team has arranged a $15.25 million loan to refinance the Playhouse Square Shopping Center, an unanchored, 40,000 sq. ft. community shopping center with 17 tenants located at 275 Post Road East in Westport, Connecticut. The financing, provided by Union Savings Bank, paid off the existing debt and provided over $2 million in additional funding. CBRE's Mark Fisher and Alex Furnary arranged the loan on behalf of the borrower, The HB NitkinGroup. "With an aggressive spread and a dip in rates, we ended up with a truly phenomenal loan," said Mr. Fisher. "Jo-Anne Smith and the team at Union Savings Bank were phenomenal to work with in these most erratic times." Playhouse Square was constructed in 1972 and acquired by HB Nitkin in 1998. The property includes onsite parking, a distinct advantage over other retail locations in the heart of downtown Westport. Since HB Nitkin's acquisition of the property, it has been perpetually well leased to a mix of local, regional, and national tenants. It is currently 97 percent leased. "Playhouse Square is one of our top performing assets and has consistently remained as such throughout the years," said Craig Way, Managing Director of HB Nitkin. Developing, operating and managing properties for almost 40 years, HB Nitkin is a Greenwich, CT-based real estate firm with a million square-foot portfolio of approximately two dozen office, retail, multi-family and medical office buildings located throughout Connecticut.