HFF Lends a Hand to Windsor Management
- Dec 16, 2016
by Mihaela Coste
New York—HFF recently announced it has secured $58 million in separate financings on behalf of Windsor Management Corp., a New York-based real estate management firm, for four office buildings located in Shelton, Conn., and in the New York area. Steven Klein, managing director and Geoff Goldstein, director of HFF led the debt placement team.
The company arranged a $25 million, long-term, fixed-rate loan through a life insurance company for 37 W. 26th St., a 122,630-square-foot office building located between Sixth Avenue and Broadway in Manhattan. The 12-story asset was built in 1908 and is 98 percent occupied, having retail suites on the ground floor and office suites on the floors above. The tenant roster includes The Flatiron Room and Grey Bar.
The same life insurance company provided a fixed-rate loan in the amount of $8.5 million for 256 W. 36th St., a 35,916-square-foot office building located between Seventh and Eighth Avenues in the Garment District of Manhattan. The ground floor of the 12-story property constructed in 2010 is occupied by a clothing retailer and the upper floors are fully leased to a variety of office tenants.
The third property was 411 Theodore Fremd Ave., for which HFF secured a long-term, fixed-rate loan in the amount of $16 million through a life insurance company. The three-story, 118,658-square-foot Class A office building located in Rye, N.Y., is fully leased to 24 tenants, including Regis, USAlliance Financial and Acadia Realty Trust.
In the fourth transaction, HFF arranged through a national bank a long-term, fixed-rate loan in the amount of $8.5 million for 6 Armstrong Drive, an office building in the western Connecticut community of Shelton. The Class A property built in 1985 and renovated in 2013 is 92 percent leased and encompasses 163,287 square feet of space.
“Given the multi-generational sponsorship, low leverage request and strong asset quality of the portfolio, we were successful in obtaining interest from a variety of lenders, including banks and insurance companies, at attractive terms,” said Klein in a prepared statement.