HFF Arranges $5.2M Acquisition Loan for Mixed-Use Property

MILFORD, CT-Holliday Fenoglio Fowler LP’s Westport, CT office arranged a $5.2 million acquisition loan for the purchase of 670-680 Boston Post Road, a 59,654-sf, mixed-use property here. The property is located on a 3.6-acre parcel of land on the north side of Boston Post Road and the west side of West River Street, adjacent to the entrance ramp of the Milford Parkway Connector, which joins Boston Post Road, Interstate 95 and the Merritt Parkway. It consists of two, three-story multifamily and retail buildings, plus a paved, lighted and landscaped parking area for 167 cars. The retail area totals 27,014 sf and is currently 78% leased to tenants including Countrywide Home Mortgage and Wells Fargo, with a lease pending that will bring occupancy to 100%.

The fully leased residential space is comprised of 32 units (32,240 sf), including twelve two-bedroom, two-bath units (1,070 sf); twelve two-bedroom, two bath units (970 sf); and eight two-bedroom, one-bath units (970 and 1,070 sf). The buildings, completed in 2000, feature colonial design.

Working on behalf of 670 Milford Realty LLC, senior director Tim Breda secured the ten-year, securitized, fixed rate loan with Nationwide Life’s new securitized program. The Connecticut-based 670 Milford Realty LLC was formed for the acquisition of this property.

“We are very pleased to have been able to arrange a loan with terms and conditions that matched the borrower’s needs and time frame to close on this purchase, says Breda. “The loan officers at Nationwide understood the real estate and market conditions then worked hard to make a smooth application, commitment and closing process.”