Capay Capital Advisors, a leading provider of commercial real estate financing, is proud to announce the successful arrangement of a $33 million loan for the highly-anticipated Fountain Square Shopping Center in Shelton, CT. This loan will ensure that the construction of this top-class retail center is completed, and that the project will be brought to life.
Capay arranged the loan on behalf of Highview Commercial, a well-respected developer of retail and multifamily properties in the tri-state New York area and Florida. With this loan, Highview will be able to pay off their existing debt and set aside funds for any future tenant improvements.
This class A retail center is already making waves, as it's pre-leased to some of the biggest names in the business, including Chick-Fil-A, Panera Bread, and Metro Mattress. With over 110,000 square feet in gross leasable area, the shopping center is set to be a hub of activity and excitement in Shelton, CT.
“Capitalizing a large retail project is incredibly difficult in today’s capital markets environment,” said John Abene, President of Highview. “We are pleased that Capay was able to identify a flexible lender that understands the value creation opportunity in this well-located asset.”
Construction of the Fountain Square Shopping Center began in 2017, but it was slowed down by a number of factors, including the Covid shutdown and a lack of funding. With the help of Capay Capital, Highview will now see their vision come to fruition.
I founded Capay Capital in 2018 as a commercial real estate veteran with over 30 years of experience. My team at Capay has arranged over $200 million in financing for hotel, retail, multifamily, and self-storage assets across the US. Capay Capital looks forward to helping future commercial real estate clients with their financing needs.