Waterbury, CT The Westport office of Goedecke & Co., LLC has arranged $16.3 million in first mortgage financing for the acquisition of Mattatuck Commons, a 147,241 s/f neighborhood shopping center located on Wolcott St., anchored by Shop Rite with additional tenants including Goodwill, Royal Buffet, Sleepy’s, Taco Bell, GameStop and Denny’s.
Goedecke principal Timothy Breda and senior associate Kristin Zuckerman worked exclusively on behalf of the buyer to secure a long-term, fixed-rate, non-recourse loan from Blue Hills Bank, headquartered in Hyde Park, Mass. The borrower is a single purpose entity controlled by Katz Properties LLC, a full-service real estate company that invests primarily in the Northeast and Mid-Atlantic regions, with a focus on high quality grocery anchored centers in primary and secondary markets.
Breda said, “Mattatuck Commons was sold by Urban Edge Properties, a retail spinoff of Vornado, whose current strategy differs from that of Katz Properties. Katz is very comfortable having the market leader grocer (Shop Rite) as its anchor performing well with above average sales. Katz has a solid plan for marketing and lease-up of the vacant space which will add significant value to this center. We are pleased that Blue Hills Bank shared Katz’s view on the value add premise. Once again, Katz Properties has secured a solid, stable 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.