Hartford, CT CBRE Capital Markets’ debt & structured finance team has arranged a $14 million loan for the refinance of Front Street Retail Center, a 63,800 s/f entertainment and restaurant project located in the Convention District.
CBRE arranged the 10-year loan on behalf of HB Nitkin. Financing was provided by People’s Bank. The loan will be used to refinance the original construction loan and repatriate a portion of the equity used for construction.
Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office facilitated the loan on behalf of the borrower.
“Anchored by Capital Grille, Spotlight Theater and Infinity Music Hall, the center is leased to top-quality tenants that are outperforming projections,” said Fisher, senior vice president, debt & structured finance, CBRE.
Designed by Robert A.M. Stern and completed in 2010, Front Street Retail Center consists of two limestone, steel and glass buildings located on either side of Front St.
The center is currently 93% occupied.