Loan arranged for Connecticut grocery-anchored retail center purchase

MORRISTOWN, N.J., Dec. 16, 2021 – JLL Capital Markets announced today that it has arranged $8.98 million in financing for the acquisition of Milford Plaza, a 180,315-square-foot neighborhood shopping center anchored by a specialty grocer in the coastal Connecticut community of Milford.

JLL worked on behalf of the borrower, Northpath Investments, to place the six-year, non-recourse, fixed-rate loan with Easthampton Savings Bank. The loan included $1.5 million in future funding for tenant improvements and leasing commissions.

“We are very excited about our latest acquisition of Milford Plaza, which is strategically located along Boston Post Road near other major retailers,” said Gershon Alexander, Principal at Northpath Investments. “This purchase fits our companies long term value-add strategy.”

The 92-percent-leased Milford Plaza is anchored by G-Mart, a specialty grocer with a focus on Asian cuisines. G-Mart opened its doors in March of 2021 and occupies 33 percent of the center along with a diverse group of local and national tenants that includes Bob’s Stores, Planet Fitness, Dollar Tree and Hartford Healthcare.

Milford Plaza is located at 155-211 Cherry St. in Milford, Connecticut, located between New Haven and Bridgeport. Adjacent to the heavily travelled Route 1 corridor, this infill location is easily accessible and proximate to two other high-traffic thoroughfares, Interstate 95 and the Merritt Parkway, which are one-half mile and two-miles away, respectively. Additionally, the center serves a growing and affluent customer base that includes 108,270 residents with an average annual household income greater than $100,000 within a five-mile radius.

The JLL Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll. 

“Milford Plaza represents a fantastic opportunity for Northpath Investments to acquire a stable neighborhood shopping center with significant upside potential,” Custer said. “We were able to structure a financing solution that allowed the borrower to tap into today’s historically low fixed-interest-rate environment while also gaining access to future debt funding upon value creation.”  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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