Senior managing director Jay Marshall and senior real estate analyst Kristin Brozek of the Westport, CT office of Holliday Fenoglio Fowler LP worked on behalf of O'Connell Development Group Inc. to secure the ten-year, six-month forward, fixed-rate loan through Protective Life Insurance Co., a correspondent lender. O'Connell Development Group Inc. is a Massachusetts-based firm that develops retail, office, industrial, medical and multifamily properties.

The site was previously occupied by a 536,000-sf Reed & Prince manufacturing facility. Originally constructed in the early 1900s, the buildings were dilapidated and hadenvironmental issues. O'Connell Development Group cleaned up the site and redeveloped it into its current retail use.

"Although a strong operator, Price Chopper does not carry an investment grade rating so financing the single tenant property on a forward commitment basis was a bit tricky," says Marshall. "Protective Life, however, is bullish on Price Chopper and was attracted to the demographics of the densely packed neighborhood despite its secondary market status."

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.