National Development Secures $138.1M Bridge Loan From Mizuho Bank For East Hartford Development Site

A bridge loan of $138,100,000 was secured for a development site located at 501 East Hartford Boulevard North in East Hartford, CT. This property encompasses 280 acres and is associated with the East Hartford Logistics & Technology Park project, which will feature a total of 2.7 million square feet of space. Currently, the site includes a 1.3 million square foot warehouse that is occupied by Lowe’s.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $138,100,000
• Lender: Mizuho Bank
• Landlord: National Development
• Market: East Hartford, CT
• Asset Acres: 280
• Note: The loan supports build-out for a second 1.2 million square foot building leased by Wayfair, which is currently vacant and marketed for sublease.

National Development is the landlord involved in this transaction, while Mizuho Bank serves as the lender financing the bridge loan. This transaction is part of a broader strategy to develop the logistics and technology capabilities in East Hartford.