Breda and Adams of Goedecke & Co. arrange $9.5 million acquisition financing; Worked on behalf of borrower, Katz Properties; Secured through UNUM Life Insurance

The Westport office of Goedecke & Co., LLC has arranged $9.5 million in financing for the acquisition of 1154 Mohawk St., known as Hannaford Plaza, a 155,218 s/f neighborhood shopping center anchored by Hannaford Brothers. Goedecke senior vice president Timothy Breda, and senior associate Kristin Adams worked exclusively on behalf of borrower, Katz Properties, to secure a long-term, fixed-rate, non-recourse loan from UNUM Life Insurance Co. The borrower is a single purpose entity controlled by Katz Properties LLC, a full service real estate company that invests in the northeast and mid-Atlantic regions, with a focus on high quality grocery anchored centers in primary and secondary markets. "We are very pleased to have completed this acquisition loan. The borrower is confident in its business strategy of achieving a superior risk adjusted return for its investors and this loan will help facilitate that business plan. The lending team at UNUM worked diligently with us and the borrower through a number of obstacles with creativity and structure to complete this in a fashion," said Breda. "Katz Properties once again has been able to find value and enhance it through skillful negotiation, presenting clear and simple business solutions that create a win/win scenario for ownership, tenants and the mortgage investor. This acquisition represents an opportunity for Katz Properties to acquire a solid asset with sizable upside yet providing strong cash flow for a long-term hold." Goedecke & Co., LLC is one of New England's largest privately-owned commercial mortgage banking company, with offices in Boston, Mass., and Westport, Conn. 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 a 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.