Glastonbury, CT The Westport office of Goedecke & Co., LLC has arranged $18.8 million in first mortgage financing for the acquisition of Somerset Square, a 112,414 s/f retail shopping center located on Glastonbury Blvd., anchored by Super Stop & Shop, with additional tenants including Barnes & Noble, J. Gilbert’s restaurant, Hallmark, Empire Wine and Liquor and Fed Ex Office.
Goedecke principal Timothy Breda and senior associate Kate Fasciano worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from Nationwide Life Insurance Company, headquartered in Columbus, Ohio.
The borrower is a single purpose entity controlled by Katz Properties LLC, a full service real estate company that invests primarily in the Northeast, Mid-Atlantic and Florida regions, with a focus on high quality grocery anchored centers in primary and secondary markets.
Breda said, “Somerset Square is located in one of the top office/commercial parks in the greater Hartford area. It is anchored by the market leader grocer, Stop & Shop. They have been in this location since Somerset Square was in the early stages of development. Katz believes the quality of the improvements and its location will result in a long term, stable investment for years to come. Glastonbury is thought of as one of the top bedroom communities in the greater Hartford area with an excellent school system, infrastructure, commercial tax base and track record for quality housing and fiscal responsibility. We are pleased that Nationwide Life Insurance Company shared Katz’s view on the institutional quality of the investment. Once again, Katz Properties has secured a stable, relative value play with upside for its investors and we are happy to have assisted.”
Katz Properties is a real estate investment, development and management company with offices in Boston, New York, Philadelphia, Washington, DC and Boca Raton, Florida, and is primarily focused on the acquisition, repositioning, and operation of grocery-anchored shopping centers in the Northeast, Mid-Atlantic and Florida.
Goedecke & Co., LLC is New England’s largest privately-owned commercial mortgage banking company, with offices in Boston, Massachusetts, and Westport, Connecticut. Goedecke provides customized access to regional, national and international debt and equity markets for real estate capital, and in the past 24 months has successfully arranged more than $2.4 billion dollars in financing for the region’s developers and investors. The company is based in Boston, and was founded by Peter Goedecke in 1998 after the sale of the Fowler, Goedecke, Ellis & O’Connor companies to AMRESCO.
