Connect with us

Finance

Northeast Capital Lands $210M Financing Package for Connecticut Office Buy

Published

on

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 McPhailJacob 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. 

 

Source: commercialobserver.com

Finance

Ford, ADT App to Signal Vehicle Owners of Break-ins

Published

on

DETROIT, Michigan: Ford Motor Co. and ADT, through a new joint venture called Canopy, are introducing two new vehicle security packages, with the first being for truck and van owners who use their vehicles for business, and the second for SUV and car owners.

The antitheft technology will first enter the market early next year as an accessory sold through Ford, Amazon.com, big box stores and other retailers. It

Original Article: bignewsnetwork.com

Continue Reading

Finance

Biden: Federal Reserve Should ‘Recalibrate’ Policy As Prices Rise

Published

on

WASHINGTON – U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.

‘Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman [Jerome] Powell has indicated, to recalibrate the support that is now necessary,’ Biden told a

Source: bignewsnetwork.com

Continue Reading

Finance

Sinema, Manchin Prove There’s Still a Long Way to Go

Published

on

The Black community owes a debt of gratitude to United States Senators Kyrsten Sinema and Joe Manchin. The dynamic duo have managed, by supporting the filibuster and crippling two major voting rights bills, to remind any of us who had any doubts or historic contextual misunderstandings that Martin Luther King Jr. Day is a day …

Original Source: azcapitoltimes.com

Continue Reading

Trending

Top100Biz.com