Parkview Financial announced today it has provided 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.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $2.5 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million.
With offices in Los Angeles (headquarters), Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.