GSB Underwrites $10 Million Plus Loan for Shopping Center

Oct 13, 2017 | Commercial Lending

This article originally appeared on "CONNTACT Connecticut Real Estate & Construction"

 

Guilford Savings Bank recently completed financing for the 60,000 square foot Flanders Plaza Shopping Center adjacent to I-95 in East Lyme, CT. The plaza holds CVS, IGA Tri-Town Foods, and other retailers and offices.

 
Manhattan-based Developers Consolidated Realty, LLC continued their acquisition of CT-based real estate with this most recent transaction. Developers Consolidated Chief Dan Richman said, "Flanders Plaza fits perfectly into our acquisition criteria as an 'Internet proof' plaza in an affluent community. The retailers in this plaza serve the community with daily needs, such as groceries and personal care products."
 
"Equally important to the acquisition was having Guilford Savings Bank (GSB) involved in the transaction; they acted quickly and understood our needs," continued Richman. "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 $10,850,000 commercial loan, with participation from Dime Bank of Norwich, CT.

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