Sound Point, Aflac Lend $42M on Greenwich Office Refinance
Acram Group and affiliates of Cadre have sealed a $41.5 million debt package to refinance a Greenwich, Conn. office asset, Commercial Observer can first report.
Sound Point Capital Management on behalf of Aflac Global Investments supplied the five-year, five-year floating rate loan for 411 West Putnam Avenue, a 103,060-square-foot office building. The deal comes on the heels of Aflac contributing $1.5 billion to the firm’s fund focused on commercial real estate lending as part of a new partnership announced in February.
A Cushman & Wakefield team of Gideon Gil, Lauren Kaufman and Sebastian Sanchez represented Acram and Cadre, a technology-driven real estate investment manager. C&W co-brokered the transaction with Mission Capital Advisors.
“This transaction represented an exceptional opportunity for lenders, given the sponsorship profile, long-term leases and strong submarket fundamentals,” Gil said in a statement. “Sound Point Capital delivered attractive financing terms and a flexible structure that fit our client’s business plan seamlessly.”
Built in 1973 and renovated in 1996, 411 West Putnam Avenue office complex features including a lobby inspired by Manhattan’s Museum of Modern of Art. The building is 92 percent leased to eight tenants with a weighted average lease term of nearly six years, according to C&W. Anchor tenants include Contrarian Capital Management and DSW.
“Sound Point was pleased to provide a creative financing solution that will allow the seasoned sponsorship to re-position this high quality office building,” Matthew Donnelly, head of CRE originations at Sound Point, said in a statement.
Representatives for Acram Group did not immediately respond for comment.
Andrew Coen can be reached at email@example.com.