Northeast Capital Lands $210M Financing Package for Connecticut Office Buy
By Andrew Coen December 8, 2021 4:43 pm
reprints
Northeast Capital has nabbed $210 million in financing to acquire a Connecticut office asset, Commercial Observer has learned.
Parkview Financial supplied a $110 million bridge loan for the firm’s purchase of the leasehold interest in Main & Elm, a Class A office complex in Stamford, Conn. An unidentified lender provided $100 million of ground-lease financing toward the deal.
The transaction was negotiated by Meridian Capital Group’s Morris Betesh, Jack McPhail, Jacob Schmuckler and Israel Mermelstein.
Ramapo, N.Y.-based Northeast Capital bought the property from Building and Land Technology for $235 million, according to property records as reported by CTInsider.com.
“We sourced a total of $210 million in financing from multiple sources in an accretive manner with a very quick execution for this time-of-the-essence closing,” Betesh said in a statement. “The new owners are very much hands on and will be able to further improve the value of the building and its presence as the premier asset in the Stamford market.”
Located at 695 Main Street and 200 Elm Street in Stamford, immediately off of I-95, the six-story property spans 557,581 square feet with four interconnected buildings that were last renovated in 2016. The property is 80.8 percent leased to nine tenants including Henkel of America, Deloitte, Diageo, Webster Bank and McDonald’s. Its amenities include a central outdoor entertainment area, a 20,000-square-foot full-service cafeteria and a 9,000-square-foot fitness center.
“The borrower, who plans on a long-term hold on this well-located Class A building, intends to stabilize the property by implementing a leasing program, and will place permanent financing at a later date,” Paul Rahimian, CEO and founder of Parkview Financial, said in a statement. “This was a compelling bridge loan opportunity for us as this asset has credit tenants, stable cash flows and a strong institutional sponsorship team. We were able to provide certainty of execution to close this extremely time-sensitive transaction.”
Representatives for Northeast Capital did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
