Essex's client was under contract to acquire Storrs Center at UConn, a 34,536 square foot retail property located in Storrs, CT. The center, comprised of ground floor retail situated directly below student housing, is well located, immediately adjacent to the University of Connecticut campus and was 100% occupied by 14 tenants. The strong lineup of tenants included Amazon, Blaze Pizza, Dunkin' Donuts, and T-Mobile.
The Borrower hired Essex Financial Group to source a permanent, non-recourse loan from a lender with experience financing properties with condo structures. The borrower also preferred to work with a balance sheet lender.
Michael Salzman arranged the $8.9 million, fixed-rate, full-term interest-only balance sheet loan. The loan was placed with one of Essex’s debt fund lenders that offers a unique balance sheet program for stabilized commercial real estate.