9:00 AM
NGKF Capital Markets announced that serving as the exclusive advisor to 500 WPA, LLC, a Connecticut Investment Group, it completed the $36.25 million financing of 500 West Putnam Avenue in Greenwich, Connecticut.
Executive Managing Director Jordan Roeschlaub along with Managing Director Daniel Fromm and Director Steve Sperandio, who are based in NGKF’s headquarters in New York City, led the team that arranged 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 fund the acquisition of the property from SL Green and execute the sponsor’s business plan.
500 West Putnam Avenue is a 124,668-square-foot, Class A office building located just one mile from the Greenwich Metro-North train station and only 42 minutes from Manhattan. The property is situated in supply-constrained Greenwich, where no comparable product or new office properties have been developed in nearly three decades. 500 West Putnam is equidistant (1.4 miles) from Exits 2 and 3 of Interstate 95, and is located just a few minutes away from Greenwich Avenue’s high-end amenities and restaurant destinations.
“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,” remarked Roeschlaub.
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 $3.25 billion in 2016.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.