Deutsche Bank, Urban Standard Lend $133M for Stamford Office Refi

Instead of a nightmare, there’s some joy on Elm Street for a Stamford, Conn., office building. 

A joint venture between A.M. Property Corporation and Northeast Capital Group sealed a $133 million loan to refinance its newly renovated The Link office complex at 200 Elm Street, just north of Interstate 95, Commercial Observer can first report.

Deutsche Bank (DB) and Urban Standard Capital provided the loan on the sponsorship’s  560,000-square-foot property that recently underwent a $50 million renovation and inked five new leases totaling more than 300,000 square feet. 

Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Nick Scribani and Chris Kramer.

“Despite headwinds in the broader office market, we continue to identify compelling contrarian investment opportunities focusing on Class A assets in prime locations with top-tier operating partners,” Seth Weissman, managing partner at Urban Standard Capital, said in a statement. “As market dynamics evolve, Urban Standard Capital remains committed to strategically deploying capital into assets like The Link, where we believe our investment can play an instrumental role in reinforcing and enhancing their market-leading position.”

Following the renovations and new leases, the 1984-built property’s occupancy rate stands at 92 percent, according to Newmark. The largest of the new leases involved hiring platform Indeed signing for 124,180 square feet as a relocation from its space at 177 Broad Street in Stamford. 

Other anchor tenants at The Link include accounting firm Deloitte, manufacturing company Henkel and British beer and distillery company Diageo.

Officials at Urban Standard Capital, A.M. Property Corporation and Northeast Capital Group did not immediately return requests for comment. Deutsche Bank declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.