Mission Capital Advisors Debt & Equity Finance Group has recieved a $24.5 million loan for Nine West Broad Street, a 191,000 s/f office property located in Stamford, Connecticut.
Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn represented the sponsor, a joint venture between certain funds managed by Westport Capital Partners LLC and Forstone Capital, in securing the financing from a global real estate and investment management firm.
After acquiring a nearly vacant building in 2013, Westport and Forstone have leased a majority of the building and repositioned the property by building a new driveway and ramp, renovating the cafeteria, creating a fitness center, and enhancing conference rooms, lobbies, and common areas.
With the financing in hand, ownership plans to complete its renovations, including an entire recladding of the building exterior.
“The buyers acquired the property at an extremely low basis with essentially full vacancy and implemented capital improvements in short order. Ownership has already successfully leased up over half of the building, and with this bridge financing paving the way for the next series of building improvements, they are on their way to achieving full occupancy,” said Hirt.