The Boston office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $15 million financing for a 69,733 s/f, free-standing Stop & Shop on more than seven acres.
HFF senior managing director Dana Brome worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank. The term loan is interest-only for the first three years and on a 30-year amortization thereafter until maturity in 2017. The loan was priced as a floating-rate of 1-month LIBOR plus 200 bps. The loan rate was swapped to fixed, at a rate of 4.31%.
The Stop & Shop is located at 1937 West Main St. (Route 1) and adjacent to the Greenwich town line. Completed in 2006, the property is fully leased to Stop & Shop with 21 years remaining on the 25 year lease. In addition, Stop & Shop has 11 five-year extension options. The lease is fully guaranteed by Koninklijke Ahold, N.V., the parent company of Stop & Shop.
Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country's largest portfolios of retail properties. Today, Cole owns or manages 32 million square feet of commercial real estate in 45 states with a combined acquisition cost of more than $6 billion.
HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing.