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East Hartford Property Gets $4.5M Mortgage

November 5, 2020 | Reprints | Unlock Link | Print

Photo courtesy of CBRE

The new owner of an East Hartford industrial property has received $4.55 million in first mortgage financing from life insurer Symetra.

The property at 127 Park Ave. contains a 157,267-square-foot warehouse near the intersection of Interstates 84 and 91. Built in 1962 and renovated in 2016, the property is 100-percent leased to Hillyard and Bakery on Main with a combined weighted average lease term of 6.4 years.

CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, ND XXXI LLC, in the negotiations.

“Marketing the opportunity during the height of the pandemic presented several challenges. However, the asset type, a strong sponsor and the property’s blue-chip tenants, who have remained open and operational, were all strong factors in obtaining very favorable financing terms,” Falzarano said in a statement.