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Guilford Savings Bank Completes $10.8M In Financing For Flanders Plaza

By Mike Flaim | October 16, 2017 | Reprints | Unlock Link | Print

Guilford Savings Bank recently completed financing for the 60,000-square-foot Flanders Plaza Shopping Center in East Lyme. The plaza holds CVS, IGA Tri-Town Foods and other retailers and offices.

Manhattan-based Developers Consolidated Realty LLC acquired the site.

“Flanders Plaza fits perfectly into our acquisition criteria as an ‘Internet proof’ plaza in an affluent community,” Dan Richman, chief of Developers Consolidated, said in a statement. “Equally important to the acquisition was having Guilford Savings Bank involved in the transaction; they acted quickly and understood our needs. This marks our second deal with Brett Eagleson of GSB this year, as they continue to perform on a high level and think like an owner/operator. They’re invaluable.”

GSB acted as the lead bank on the $10.85 million commercial loan, with participation from Dime Bank of Norwich. Jay Morris of O,R&L Commercial acted as the sole real estate broker on the transaction.