Dime Bank Of Norwich Involved In Financing For Acquisition Of Nearby Shopping Plaza

EAST LYME, CT — Manhattan-based Developers Consolidated Realty, LLC recently completed financing to acquire the Flanders Plaza Shopping Center adjacent to I-95 in East Lyme, according to Guilford Savings Bank, which assisted with the purchase.

The 60,000 square foot plaza holds CVS, IGA Tri-Town Foods, and other retailers and offices, and it marks the latest acquisition of a CT-based real estate property for Developers Consolidated. The exact purchase price of the acquisition was not disclosed, but Developers Consolidated took out a $10,850,000 commercial loan, for which Guilford Savings was the lead bank with participation from Dime Bank of Norwich. Jay Morris of O,R&L Commercial acted as the sole real estate broker on the transaction.

"Flanders Plaza fits perfectly into our acquisition criteria as an 'Internet proof' plaza in an affluent community," said Developers Consolidated Chief Dan Richman in a statement. "The retailers in this plaza serve the community with daily needs, such as groceries and personal care products.

"Equally important to the acquisition was having Guilford Savings Bank (GSB) involved in the transaction; they acted quickly and understood our needs," continued Richman. "This marks our second deal with Brett Eagleson of GSB this year, as they continue to perform on a high level and think like an owner/operator. They’re invaluable."

For more information on this transaction, contact Commercial Lender Brett Eagleson of GSB at (203) 907-7102.

Photos: Flanders Plaza Shopping Center. Photo credit: Contributed