Newmark Grubb Knight Frank (NGKF) Capital Markets, serving as the exclusive advisor to Fareri Associates, a Connecticut-based sponsor, closed on $97.5 million in debt financing for the acquisition of Greenwich Office Park in Greenwich.
NGKF Capital Markets is a market leader for debt and structured finance in the Greenwich and Westchester County markets.
Executive Managing Director Jordan Roeschlaub led the NGKF Capital Markets team, including Director Steven Sperandio and Managing Director Daniel Fromm, that arranged financing to facilitate the acquisition of the eight-building business park from seller Clarion Partners.
The loan was structured as a five-year, fixed-rate loan with a full-term interest-only component to facilitate a purchase from Clarion Partners, on behalf of a separate account client managed by the firm, for $130.0 million, or $344 per square foot. This transaction, both sale and financing, is the largest office deal in Greenwich in the past five years.
Greenwich Office Park is a substantially renovated, 380,561-square-foot, eight-building, Class-A office park located on 21.0 landscaped acres in Greenwich.
The property has been institutionally maintained by Clarion Partners, which recently completed an extensive $15.5 million capital improvement program. The property also features a premier amenity package that is unmatched within the Greenwich submarket. Tenants enjoy a fitness center with personal trainers, a full-service café with catering services, a door-to-train shuttle service, complimentary covered parking, specialty services such as shoe repair and a notary, storage space and a tenant conference room.
“The combination of premier suburban office space and market-leading sponsorship led to robust appetite from virtually every major lender,” said Steven Sperandio. “Our team was able to structure a loan that insulated property-level cash flow from interest rate volatility and also offered flexibility for future redevelopment plans in and around the park.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.