L.J. Melody's Conn. adventure

Real Estate Weekly, Sept 8, 2004

The Fairfield, Conn. office of L.J. Melody & Company has been very active in the Connecticut market. Most recently, the office arranged permanent fixed rate financing for five properties--Fairway Plaza and Katona Corners in Fairfield, 60 Parrott Drive in Shelton, 100 Corporate Drive in Windsor and 2 Enterprise Drive in Shelton, to the tune of $5.1 million, $3 million, $4 million and $13.2 million, respectively.

Fairway Plaza and Katona Corners, two shopping centers that contain 22,716 s/f and 19,684 s/f of retail space, respectively, are located on Black Rock Turnpike, a major shopping corridor in Fairfield. Both centers are fully occupied. Tim Harwood secured funding with Bear Stearns on behalf of the borrower.

60 Parrott Drive is a 27,333 s/f, one-story office building made of steel framed construction. The fully-leased property was completely renovated by the borrower, 60 Parrott Drive, LLC, in 2003/ 2004. United Illuminating Company leases the entire facility. Tim Harwood and Ron Roth secured funding for the transaction with Minnesota Life Insurance Company, an L.J. Melody correspondent lender.

100 Corporate Drive offers 69,300 s/f of office space. The property is fully occupied. ADP Corporation holds the largest lease, representing approximately 65 % of the building. Thrivent Financial for Lutherans, an L.J. Melody correspondent lender in New England, refinanced its existing loan balance and advanced additional proceeds to the borrower, FRG Associates, LLC, at an attractive blended interest rate. Tim Harwood arranged this transaction.

2 Enterprise Drive is a 139,130 s/f, class A office building in Shelton, Conn. The borrower, 2 Enterprise Drive, LLC, refinanced the existing mortgage on the property at a lower rate and an adjusted amortization schedule to keep the debt service payment the same as before the refinancing. Tim Harwood and Ron Roth secured funding for the transaction with Teachers Insurance and Annuity Association.