A $40 million mortgage secured with Vernon’s Tri-City Plaza Shopping Center has landed in special-servicing just weeks before it matures, while the borrower seeks a payment extension, a commercial-realty loan tracker says.
A $40 million mortgage secured with Vernon's Tri-City Plaza Shopping Center has landed in special-servicing just weeks before it matures, while the borrower seeks a payment extension, a commercial-realty loan tracker says.
Borrower Tri City Improvements LLC, of Tarrytown, N.Y., took out the 10-year, interest-only mortgage in 2006 from Citigroup, according to New York City-based loan tracker Trepp LLC. The loan bears a 5.93 percent interest rate.
Nothing in Trepp's records indicate the loan is in default. However, special servicing typically is one step removed from such an occurrence.
Trepp data shows the debtor pledged the 295,367-square-foot retail plaza on 24 acres at 35 Talcottville Road, adjacent to I-84, as security for the loan, which was set to mature in October.
Tri-City opened in 1963 and underwent renovation in 2004.
Its tenants include Price Chopper Supermarket, Hartford HealthCare, Hartford Freight Tools, Moe's Southwest Grill and T.J. Maxx.
As of 2015, Vernon's assessed value of the land beneath Tri-City was $5 million, while the improvements were valued at $20 million, according to Trepp's data. Based on those values, the borrower remits $981,806 annually in property taxes to the town.
Tri-City's operator, DLC Management Corp., did not respond to a request for comment.
Special servicer C-III Asset Management LLC could not be reached for comment.
– Gregory Seay
