$110MM Office Building
Acquisition of a 557,581-SF Class A Office Complex
Parkview Financial has closed a $110 million bridge loan to 200 Elm Partners BH, LLC for the acquisition of a 557,581-square-foot (sf) Class A office complex comprised of two interconnected buildings located at 200 Elm Street and 695 E Main Street in Stamford, CT.
Built in 1984 and renovated in 2016, the 7.71-acre office campus consists of two, six-story buildings and is currently 80.8% leased to nine tenants including Henkel of America, Inc., Deloitte, Diageo, Webster Bank, and McDonald's. The property features an atrium lobby, seventeen passenger elevators, café, fitness center, outdoor seating, entertainment space and a four-story subterranean parking garage with 1,454 spaces.
“Parkview Financial created a highly curated solution for the borrower on the acquisition of this trophy asset,” said Paul Rahimian, CEO and Founder of Parkview Financial. “The borrower, who plans on a long-term hold on this well-located Class A building, intends to stabilize the property by implementing a leasing program, and will place permanent financing at a later date.”
He added, “This was a compelling bridge loan opportunity for us as this asset has credit tenants, stable cash flows, and a strong institutional sponsorship team. We were able to provide certainty of execution to close this extremely time-sensitive transaction.”
The property is located on the northeast corner of East Main Street and Elm Street and is opposite the new Sheraton Stamford Hotel on East Main Street. Located in the City of Stamford which is the fourth largest city in Fairfield County and is within the Greater New York metropolitan area, the property is convenient to local highways and the New Haven Line on the Metro-North Railroad, the commuter rail system for northern metropolitan New York City.
200 Elm Partners BH, LLC is an entity of A.M. Property Holding II Corp. and of Northeast Capital Group. Northeast Capital Group is a private equity investment group and full-service real estate firm based in Ramapo, NY and is led by CEO Joel Kiss who founded the firm in 2008. A.M. Property, which has close to 30 years of experience in the real estate investment and construction industry, is a company wholly owned by the Wasserman family and operates approximately 2.5 million square feet of office space in the Tri-State area.