Connecticut Transit-Oriented Campus Lands $150M Refi

The developer will use financing from PGIM for property renovations, as well as for the development of a $45 million mixed-use transit center in Greenwich.
Greenwich Plaza
Greenwich Plaza. Image courtesy of PGIM Real Estate Finance

The Ashforth Co. has landed a $150 million loan from PGIM Real Estate Finance to refinance Greenwich Plaza, a 325,100-square-foot, transit-oriented office campus in Greenwich, Conn. Part of the proceeds will go toward property renovations. Other funds will be used for the redevelopment of Greenwich Train Station, the Metro-North station on Railroad Avenue, owned and operated by Ashforth, as well as for the construction of a new transportation center. Eastdil Secured represented the borrower in the deal.

Ashforth developed Greenwich Plaza in 1967 in a public-private partnership with the Town of Greenwich, signing a 90-year ground lease for approximately half of the development site. The Class A office campus, consisting of two four-story buildings and a three-story subterranean garage, underwent a complete renovation in 2005 and cosmetic upgrades in 2018. Amenities include high-efficiency HVAC systems and an on-site private taxi service. The fully leased property has AQR Capital, Lone Pine Capital and Silver Point Capital on the tenant roster.

Located at One and Two Greenwich Plaza in the central business district, the 4.2-acre property is near Exit 3 off Connecticut Turnpike. Greenwich Train Station offers speedy access to many residential hubs on the New Haven Metro North rail line. Greenwich Plaza is just south of Greenwich Avenue and its plethora of shops and restaurants.

The New Greenwich Transportation Center

According to the agreement signed in July with the Town of Greenwich, Ashforth will develop a new $45 million Greenwich Transportation Center in exchange for the air rights over the leased parcel and other benefits. Encompassing Greenwich Train Station, Railroad Avenue and surrounding areas, the development will include a new station on the south side of the tracks, new pedestrian and commuter pathways, a public park, new luxury movie theaters and more retail space. Architecture firm Beyer Blinder Belle is the designer of the project and construction is slated to commence in mid-2020.

Managing Director Ken Ziebelman and Director Ethan Pond of Eastdil Secured arranged the financing for Ashforth. In December, an Eastdil Secured team assisted HNA Group in the negotiations with SL Green for a stake in a Manhattan office tower.