Commercial Mortgage Capital Secures $94M Mortgage Loan for Norwalk Office Building
- Jul 15, 2014
Commercial Mortgage Capital has closed a $94-million permanent loan for i.Park Norwalk, a 365,866-square-foot office building in Norwalk, Conn.
The loan carries a 10-year term. The interest rate was not disclosed.
“One of the biggest appeals is the property’s excellent location off of I-95, in addition to the lease with Norwalk Hospital, which houses one of its suburban locations within the office park and provides easy access for patients looking to visit a hospital-affiliated location,” Mark Scott, Commercial Mortgage Capital’s founder & president, told Commercial Property Executive. “This trend has been gaining in popularity in recent years.”
Located at 761 Main Ave., the property sits on a 30-acre campus at the heart of the Route 7 Corridor, which borders both Wilton and Norwalk, allowing excellent access to Fairfield County. The area is also home to companies such as GE, Factset, Xerox, Arch Chemical, Kodak and ACNielsen.
The two-story i.Park Norwalk recently underwent a multi-million dollar capital improvement program to transform the entire property into an efficient, high-tech campus. The property features oversized windows, high ceilings and flexible layouts with expansion options as well as sustainable design features, such as an eco-roof with solar panels, low “e” Energy Star windows and energy efficient HVAC systems.
According to Scott, the building boasts a phenomenal roster of long-term, credit tenants including Norwalk Hospital, LA Fitness, and the headquarters of bicycle manufacturer Cannondale Sports Group.
“Locking in a fixed rate on stabilized assets is a company philosophy. We were able to secure a favorable rate for our client and have seen a substantial upswing in the market—particularly for well-located office, multi-family and industrial assets,” Scott added. “Low rates in the market coupled with recent strong leasing activity made this an opportune time to recast the loan.”
In addition to its numerous amenities, i.Park is served by strong transportation options and extensive telecommunications capabilities, all set on a pristine landscaped campus featuring riverfront walking trails.