HFF Arranges $100M for CT Office Park
- Nov 21, 2017
Clarion Partners secured $100 million in financing for Merritt 7, a six-building, Class A office park in Norwalk, Conn. HFF arranged the five-year, fixed-rate loan through a correspondent life company.
Merritt 7 comprises 1.4 million square feet along Route 7, less than one-half mile north of its intersection with the Merritt Parkway/Route 15 and less than three miles north of Interstate 95. The 22-acre asset is situated along the Norwalk River and is 97 percent leased to a variety of tenants including General Electric, Factset Research Systems, Datto and Frontier Communications. The property features on-site amenities such as:
- shuttle service
- state-of-the-art fitness center
- conference centers
- car care
- two full-service cafeterias
- unisex salon
Senior Managing Director Riaz Cassum and Senior Director Lauren O’Neil represented the borrower. HFF and Clarion Partners teamed up last month to secure $105 million in financing for The Brickyard, a Class A industrial facility in Compton, Calif.
“Merritt 7 is a premier asset that has been continuously upgraded and maintained in a first class manner by Clarion and their separate account partner,” Cassum told Commercial Property Executive. “The asset was very well received by the market and the ultimate financing will contribute towards its continued success.”
Image courtesy of HFF