Rocky Hill, CT Marcus & Millichap Capital Corp. has arranged a $3.5 million 10-year interest only loan to refinance a shopping center located at 396 Cromwell Ave. Director Robert Noeldechen of Marcus & Millichap’s New Haven office, led the refinance. 

Cromwell Ave. Shops is a 15,000 s/f retail center located in the town’s main shopping corridor. It is anchored by the Asian Bistro, Velocity Urgent Care, Berkshire Bank and Total Vision Eye Care. 

“The local community is well served by these tenants as the immediate area contains an array of retail properties. The massing of these retail properties creates a significant gravitational pull that benefits this property and other retail properties in the area,” said Noeldechen. “The primary drivers for these retail properties are the large concentration of single and multifamily residential properties both east and west of the Connecticut Rte. 3 corridor with over 3,000 rental units within a 2 plus mile radius.”

During the last five years, development has been predominantly consisting of retail and multifamily rental uses, and has included Town Center West, Hampton Inn, The Alterra and The Montage at Rocky Hill.

Noeldechen’s New England Capital Desk is one of the region’s leaders in small balance and large multifamily loans, as well as commercial loan offerings. His clients include some of the area’s leading owners, investors, developers and a large pool of smaller private clients. His expertise allows him to follow his clients throughout the country to provide debt. 

“Rocky Hill is a well-situated bedroom community 10 miles south of Downtown Hartford’s CBD,” said Noeldechen. “I watched this community grow since I was about 12 years old visiting from Long Island to see relatives. I never imagined when playing around the pond at Century Hills and eating Pizza on Cromwell Ave. that 42 years later I would be arranging capital to keep that momentum of growth in Rocky Hill.” 

Recent acquisition financings include 27 and 40 apartment units in New Britain and Hartford, CT for $920,000 and $1.04 million, respectively. 36 multi-family units in Framingham, MA for $2.1 million; cash-out refinance and acquisition financing for a portfolio of 46 multifamily units and mixed-use properties located in Webster, Southbridge and Lynn Mass. for $2.5 million; and a cash-out refinance for 22 multi-family units at Hillview Apartments in Southington, CT for $1.671 million. 

Last summer, Noeldechen was instrumental in the financing of The Novella, a mixed-use luxury asset featuring 136 residential units on five floors above retail and parking in New Haven. The property sold for $39.625 million and he was able to negotiate a 15-year interest only non-recourse loan.