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Shelton Development Gets Financing for Retail Project

A $1.5 million construction line of credit will support development of a 16-acre commercial property in Shelton.

Guilford-based Worth Avenue Capital said the loan will enable the developer to obtain permanent construction financing this fall. Chick-Fil-A, Panera and Mission Barbecue have already signed leases for the Fountain Square development at 801 Bridgeport Ave., the former United Illuminating property.

The line of credit was funded by a private investor. A portion of the proceeds from the permanent loan will be used to pay off the bridge financing in full at the time of closing, Worth Avenue Capital said.