Meridian Secures $40M Financing for Hartford Office Asset
- Jan 25, 2017
By Mihaela Coste
Hartford, Conn.—Meridian Capital Group recently announced that it has arranged a $40 million bridge financing on behalf of Shelbourne Global Solutions for the acquisition of Metro Center, a 293,600-square-foot office building located in downtown Hartford.
The two-year loan featuring a floating rate of 5.8 percent over the 30-day LIBOR rate and interest-only payments was negotiated by Shaya Ackerman, senior managing director, and Shaya Sonnenschein, senior vice president of Meridian’s New York City headquarters through Thorofare Capital.
According to the Hartford Business Journal, the borrower acquired the property for $49 million from The Fremont Group earlier this month. The asset last traded in 2013 for $22.7 million.
Located at 350 Church St., the 12-story Class A office building completed in 1986 features ample parking in an adjacent multi-level structure and is strategically located in Hartford’s revitalized downtown central business district.
The property is 99 percent occupied by a strong credit-tenant roster, including Lincoln Financial and CohnReznick. The sponsor entered the contract over a year ago and negotiated a long-term lease with Lincoln Financial that continues through 2028.
“Meridian was able to negotiate favorable terms for the client by leveraging the benefits of the lease renewal and tailor a short-term solution in line with the sponsor’s business plan for the asset,” said Ackerman in a prepared statement.
Image courtesy of Meridian Capital Group