CBRE Capital Markets’ Debt & Structured Finance team has secured a $53.5 million loan for the refinance of Greenwich Financial Center, an 81,000-square-foot Class A office property in Greenwich, Connecticut.
The sub 5.0%, 10-year, fixed-rate loan amortizes on a 30 year schedule after two years of interest only payments. Loan-to-value was permitted up to 75%. The loan, provided by Lstar Capital Finance, will be used replace existing debt.
Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator, HB Nitkin.
“The borrower was seeking a financial institution that would retain its ‘B’ Piece on-book,” said Mr. Fisher, senior vice president, CBRE Capital Markets. “LStar checked that box and recognized the value of the asset.”
Located at 1 Fawcett Place, in the heart of Downtown Greenwich, tenants of the three-story building include numerous financial institutions and hedge funds. The property also boasts 19,000 square feet of prime ground floor retail space fronting Greenwich Avenue—a high-end retail corridor with tenants that include Tiffany’s, Sacks Fifth Avenue, Baccarat, Ralph Lauren, Apple, and numerous other high-end tenants and restaurants.
The HB Nitkin Group is a privately-owned real estate investment company specializing in the ownership, development, acquisition, and financing of institutional quality properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
