NGKF Secures Financing for Greenwich Office Building
- Sep 28, 2016
By Alexandra Pacurar
New York—NGKF Capital Markets has completed the $36 million financing of 500 West Putnam Ave., a four-story, 125,000-square-foot office building in Greenwich, Conn. Jordan Roeschlaub, executive managing director at NGKF, Daniel Fromm, managing director, and Steve Sperandio, director, led the team that secured and structured a floating-rate loan that provided a three-year initial term and two one-year extension options.
The loan proceeds were used to cover the purchase of the property from SL Green and implement the sponsor’s business strategy. “Due to the sponsor’s proven track record and the liquidity in debt markets we were able to secure very favorable financing despite the property being an only 54 percent occupied, institutionally owned asset. We are confident the sponsor will be successful with the asset and their business plan considering the tight Greenwich commercial real estate market that really has not seen significant construction of new office product in the last couple of decades,” Jordan Roeschlaub said in a prepared statement.
500 West Putnam Ave. is located in the close vicinity of the Greenwich Metro-North train station and Exits 2 and 3 of Interstate 95. The property is minutes away from the high-end amenities and restaurants on Greenwich Avenue and 42 minutes from Manhattan.
Supply of similar commercial spaces is limited in Greenwich, where no new office buildings have been developed in roughly three decades.
NGKF Capital Markets continues to be the market leader in debt and structured finance in Greenwich and Fairfield County. The deal team closed over $2.7 billion in financings in 2015 and expects to surpass $3.2 billion in 2016.