CBRE Capital Markets’ Debt and Structured Finance team closed a $15.25 million loan to refinance Playhouse Square Mall, a 40,000 square foot unanchored shopping center in Westport.
Funding was provided by Union Savings Bank and paid off existing debt and provided over $2 million in additional funding. CBRE’s Mark Fisher and Alex Furnary arranged the loan on behalf of the borrower, The HB Nitkin Group.
Playhouse Square was built in 1972 and acquired by HB Nitkin in 1998. Located at 275 Post Road East, it is currently 97% leased with 17 tenants.