Anchored Shopping Center

Manchester, CT

Clubhouse Capital secured a $3 million bridge loan to fund a regional developer’s acquisition (via on-line auction) of the conduit-held mortgage loan encumbering this 75,000 sf anchored shopping center. The loan closed within 7 business days of the auction. Clubhouse also served as the developer’s financial advisor, completing property due diligence and coordinating the on-line purchase. The center was anchored by Shaw’s, which vacated 2 years ago and sublet its space to Save-A-Lot. O’Reilly Auto Parts co-anchors the center. The in-place NOI is $1.15 million, with 3 years remaining on the Shaw’s prime lease. The loan, which matured 2 years ago, has a principal balance of $10.5 million. The approaching maturity of the anchor lease frustrated the property owner’s efforts to refinance resulting in a lender-sponsored state-court receivership and the ensuing auction of the underlying mortgage loan. (Winter 2018)