SHELTON, Conn., June 21, 2023 — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $34,400,000 refinance and construction loan for Fountain Square retail center in Shelton, CT.
Fountain Square has generated significant interest as the first retail development in the market since 2021 and features a lineup of nationally recognized tenants including Chick-fil-A, Panera Bread and Taco Bell. Development had stopped due to various construction liens and complications in the partnership that owned the property. With the assistance of GreenLake’s loan, the Sponsor was able to settle outstanding financing and more than 60 vendor liens, as well as carry out a successful partnership buyout. Moreover, the loan provides the necessary funding to bring the project to completion and stabilization.
Peter Chang, Managing Principal at GreenLake stated, “The completion of this project involved navigating an intricate transaction with a significant number of liens and distressed mortgages. The sponsor has an impressive track record spanning more than three decades in commercial construction and development in the Northeast. We are confident that Fountain Square will thrive with its irreplaceable location, strong market and quality tenants.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contact:
Kamau Coleman
Director, Originations
626.529.1084
[email protected]
Adam Frank
Vice President, Originations
646.766.0288
[email protected]
Renee Volaric
Vice President, Originations
646.766.0286
[email protected]
SOURCE GreenLake Asset Management LLC
