200-250 Captain Thomas Blvd(Savin Rock Plaza), West Haven, CT
June 2021: Jeremiah A. Houlihan and James K. Coleman of Houlihan-Parnes Properties have arranged for Acquisition First Mortgage Financing in the amount of $2,000,000 for the purchase of “Savin Rock Plaza,” a neighborhood Shopping Center, built in 1985, consisting of over 70,000 of leasable square feet on a 6-acre lot with 700 feet of retail frontage on Captain Thomas Boulevard along the City of West Haven’s Long Island Sound Shoreline. Tenancy includes Family Dollar, Peoples Bank, Rebar Bar & Pizza, Dunkin Donuts, and various Local Retailers. There is plenty of on-site parking and sidewalks along the storefronts. The Shopping Center is 4 miles from Yale University, 1.5 miles from I-95 & 70 miles north of New York City.
Purchased by an Investment Group based in White Plains, NY, this acquisition will add to their portfolio of several hundred thousand square feet of mixed-use and residential properties in Connecticut & New York. The Group intends to make significant upgrades to the Property within the first 12 months.
The Financing Package was placed with a NY Savings Bank for a 10-year term on a 25-yr amortization schedule with a fixed interest rate for 5 years and a fixed interest rate adjustment for the remaining 5 years.