Cronheim Mortgage arranged $27 million in fixed-rate construction/permanent financing for the development of The Marketplace on Bridgeport Avenue in Shelton, CT. The subject property encompasses over 123,000 square feet of neighborhood retail space including a 56,000 square foot Big Y grocery store which opened to the public in November of 2016. As development continues to progress, Big-Y will be joined by a Big-Y gas station, Goodwill, Great Clips, a jeweler, liquor store, and an urgent care facility, among a variety of other users. It is expected that all remaining stores will open during 2017.
At closing, leases had already been signed for over 37,000 square feet of the inline space and the site has approvals for the development of three out-parcels encompassing up to 11,000 square feet. The lender was willing to close even though over 20% of the space was not yet leased.