Commercial Mortgage Capital Closes CCRE Loan on Connecticut Office Building
Damian Ghigliotty July 10, 2014, noon
Mark Scott’s Commercial Mortgage Capital closed a $94 million permanent loan from CCRE, formerly Cantor Commercial Real Estate, for a 365,866-square-foot office building in Norwalk, Conn., Mortgage Observer has first learned.
The loan on i.Park Norwalk, the former home of biotechnology company PerkinElmer, carries a 10-year term. The interest rate was not disclosed.
The property, which is located on a 30-acre campus at 761 Main Avenue, recently underwent a multimillion-dollar capital improvement to transform it into a “high-tech campus,” according to Mr. Scott, founder and president of Commercial Mortgage Capital, based in Livingston, N.J.
“The property boasts a phenomenal roster of long-term, credit tenants,” he said. “We were able to secure a favorable rate for our client and have seen a substantial upswing in the market, particularly for well-located office, multifamily and industrial assets. We expect transaction volume to continue growing at a favorable pace as we move further into 2014.”
i.Park Norwalk’s tenant list includes Norwalk Hospital, LA Fitness, and bicycle manufacturer Cannondale Sports Unlimited, which operates its headquarters there. The sprawling office building is situated near the center of the state’s Route 7 Corridor, which also houses GE, Xerox, Arch Chemical, Kodak and AC Nielsen.
The two-story building features flexible layouts with expansion options as well as sustainable design features, including an “eco-roof” with solar panels and energy efficient HVAC systems.