CBRE Capital Markets’ Debt & Structured Finance team 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 in Hartford, Connecticut.
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.
“CBRE has been working with us on this project from the beginning. We are very proud of this accomplishment and what it means for the city of Hartford,” said Craig Way, Director of Leasing for HB Nitkin.
Located at the corner of Columbus Boulevard and Arch Street, on the eastern edge of Hartford’s Central Business District, the property is directly across the street from the Connecticut Convention Center, the Marriot Hartford Hotel and the Connecticut Science Center.
Other adjacent properties that HB Nitkin controls include the Front Street Lofts and the site of the future UCONN Hartford campus, slated to open in the fall of 2017.
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 Street.
Tenants of the property include Capital Grille, Spotlight Theater, Infinity Music Hall, Ted’s Montana Grill, Nix’s Hartford, Bear’s Smokehouse and Qdoba. The center is currently 93 percent occupied.