Mark Fisher of the Westport, CT office of mortgage banking firm Holliday Fenoglio Fowler arranged the 10-year, fixed rate financing on behalf of Celestial Capital Group, through conduit lender Solomon Smith Barney. Holliday Fenoglio Fowler Senior Analysts Kristin Brozek and Christine Riniti also worked on the transaction.

Mohegan Lake/Route 6 Plaza is a newly constructed 35,600-sf shopping center at the corner of Mohegan Ave. and Route 6. The plaza is anchored by a 10,125-sf CVS and an additional 25,535-sf building is leased to tenants including Charlie Brown Restaurant, Subway and Verizon. The property is nearly 100%leased with only a small vacant space of approximately 2,500 sf.

"We were satisfied by the transaction and process," says Mark Ellman, a principal of Celestial Capital Group. "New construction is unusual for us. We built this center because it was an excellent location in a growing market with great demographics."

"We wanted a full dollar loan, which we knew could be problematic to close," adds Celestial Capital Group Principal Deborah Quan of Celestial Capital Group. "We got a terrific loan with very little brain damage."

Commenting on the deal, Holliday Fenoglio Fowler Senior Director Fisher notes, "A high loan per square foot at a super-competitive rate (below 6%) was the challenge, but the quality of tenants, location and scarcity of space in the area made this an excellent investment."