Northmarq’s Debt + Equity team arranges $10.5M refinancing of 91,826 SF grocery-anchored retail property in Danbury, CT
DANBURY, Conn. — Northmarq’s New York City Debt + Equity team, led by Ernest DesRochers and Kevin Toland, arranged the $10.5 million refinancing of Nutmeg Square Shopping Center, a 91,826-square-foot, grocery-anchored retail property located at 72 Newtown Rd. in Danbury, Connecticut.
Northmarq arranged financing on behalf of the borrower through a correspondent life insurance company. The internal refinancing is structured as a construction-perm loan with a 10-year term.
“This transaction highlights the strength of well-located grocery-anchored shopping centers and the importance of borrower-lender relationships in the evolving CRE lending markets,” DesRochers said.
“Both the lender and the borrower worked to make sure the financing closed in a timely manner,” Toland said.
Situated on approximately 9.7 acres, Nutmeg Square is a neighborhood retail center with prominent frontage and signage along Newtown Road. Marketing materials for the property cite traffic of approximately 33,000 vehicles per day and ample on-site parking.
The property is anchored by a new ShopRite supermarket, complementing a tenant roster that includes European Wax Center, Sally Beauty, Jersey Mike’s Subs, Supercuts, MyEyeDr., Little Caesars, Leslie’s Pool Supplies and several local service providers. The center is located within an established retail corridor that includes Walmart, Target, HomeGoods, Marshalls, Starbucks, Chipotle, Aldi and other national retailers.
The surrounding concentration of grocery, dining, service and convenience-oriented businesses supports Nutmeg Square’s position as a daily-needs shopping destination for the Danbury area.
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
