Progress Capital Arranges $11 Million Acquisition Loan for Newington Commons

Brian Anderson of Progress Capital secured an $11 million acquisition loan for Newington Commons Plaza, a 190,000-square-foot retail center located in Newington, CT.

The property’s prime location on the bustling Berlin Turnpike was a significant advantage, but the deal presented several challenges due to the unique circumstances of the property:

• A vacancy rate of 15.80%
• The anchor tenant, Stop & Shop, has a lease expiring in 2026
• Petco’s lease is set to expire in 2025
• Bob’s Furniture is on a month-to-month lease, paying rent based on a percentage of sales
• The three main tenants account for only 68% of the building’s rentable square footage
• The property is under special servicing, requiring court approval for the sale

Determined to secure the ideal lender for his client, Brian reached out to numerous contacts and meticulously reviewed his lending options. He successfully arranged a Life Co. Bridge loan at a fixed rate of 8.99% for 4 years, with 2 years interest-only followed by 2 years of amortization at 65% LTV. With court approval in hand, Brian and his team closed the deal within a 45-day period. The combined efforts of everyone involved ensured the successful completion of this complex transaction within the set timeframe.

“Today’s debt environment is extremely challenging, but we’ve been able to overcome the hurdles and successfully get complicated deals across the finish line.” – Brian Anderson

For more information, contact Brian Anderson at 732-616-0908, brian@progresscapital.com.

Progress Capital is a leading commercial mortgage brokerage firm specializing in arranging debt financing for CRE owners and developers for over 30 years.