Breda and Zuckerman of Goedecke & Co.e handle $16.3 million first mortgage financing
Waterbury, CT The Westport office of Goedecke & Co., LLC has arranged $16.3 million in first mortgage financing for the acquisition of Mattatuck Commons, a 147,241 s/f neighborhood shopping center located on Wolcott St., anchored by Shop Rite with additional tenants including Goodwill, Royal Buffet, Sleepy’s, Taco Bell, GameStop and Denny’s.
Goedecke principal Timothy Breda and senior associate Kristin Zuckerman worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from Blue Hills Bank, headquartered in Hyde Park, Mass.
Mattatuck Commons - Waterbury, CTThe borrower is a single purpose entity controlled by Katz Properties LLC, a full service real estate company that invests primarily in the Northeast and Mid-Atlantic regions, with a focus on high quality grocery anchored centers in primary and secondary markets.
Breda said, “Mattatuck Commons was sold by Urban Edge Properties, a retail spinoff of Vornado, whose current strategy differs from that of Katz Properties. Katz is very comfortable having the market leading grocer (Shop Rite) as its anchor performing well with above average sales. Katz has a solid plan for marketing and lease-up of the vacant space which will add significant value to this center. We are pleased that Blue Hills Bank shared Katz’s view on the value add premise. Once again, Katz Properties has secured a solid, stable value play with upside for its investors and we are happy to have assisted.”
Katz Properties is a real estate investment, development and management company, with offices in Boston, New York, Philadelphia and Washington, DC primarily focused on the acquisition, repositioning, and operation of grocery-anchored shopping centers in the Northeast and Mid-Atlantic.
Goedecke & Co., LLC is New England’s largest privately-owned commercial mortgage banking company, with offices in Boston, Massachusetts, and Westport, Connecticut. Goedecke provides customized access to regional, national and international debt and equity markets for real estate capital, and in the past 24 months has successfully arranged more than $2.4 billion dollars in financing for the region’s developers and investors. The company is based in Boston, and was founded by Peter Goedecke in 1998 after the sale of the Fowler, Goedecke, Ellis & O’Connor companies to AMRESCO.