CBRE secures $15M for Playhouse Square in Westport
- Playhouse Square in Westport.
CBRE Capital Markets”™ debt and structured-finance team has arranged $15 million in permanent financing for Playhouse Square, a 39,000-square-foot retail center at 275 Post Road East in Westport, CBRE reported.
The property is owned and operated by Greenwich-based owner, developer and operator HB Nitkin Group.
“The loan is for a refinance to pay off the existing debt,” CBRE said.
CBRE arranged the 10-year loan “with a coupon rate of 4 percent at 75 percent loan-to-value” ratio.
Among the terms, “The fixed-rate loan provides flexible prepayment terms and a 30-year amortization schedule,” CBRE reported.
The loan was facilitated by Mark Fisher and Alex Furnary of CBRE”™s midtown Manhattan office. CBRE, with headquarters in Los Angeles, maintains an office at 201 Tresser Blvd. in Stamford.
Playhouse Square is close to Westport”™s Main Street, where CBRE reported property trades as high as $2,000 per square foot and commands rents in excess of $100 per square foot.
“Playhouse Square is a niche play,” Fisher said in a statement. “While the demographics are the same as Main Street, tenants pay less rent due to the ”˜off Main Street”™ location. It”™s a win-win for everyone.”
“Parking is always an issue in Westport and other towns with vibrant downtown retail corridors,” said Craig Way, director of leasing for HB Nitkin Group, in a statement. “Playhouse Square has a unique downtown area setting, with ample on-site parking.”
Tenants of Playhouse Square include Qdoba, Lilly Pulitzer, Organic Market, Achorn Pharmacy, Pure Barre, Massage Envy, Kennedy Barber, Rick Garcia Salon and She La La.
HB Nitkin owns and operates commercial real estate throughout Connecticut and New York, including office, retail and multifamily products.