JLJ Capital has closed on a transaction to provide $2 million in preferred equity financing for the purchase of a Class A owner-occupied building in New Canaan’s, downtown business district.
The multi-tenant Connecticut office building offers a total gross square footage of 27,486 s/f.
“The fact that this building came on the market presented a tremendous opportunity for the sponsor of the deal,” said Jonathan Lewis, founder and CEO of JLJ Capital. “It’s a great location, with direct access to the Metro North Train station, in an underserved market with very little comparable available office space.
“We were very happy to be able to structure financing that allowed the sponsor to close within a short time frame and will eventually liquidate our equity in favor of other limited partners.”
The sponsor, Daniel J. Steinberg, chief investment officer of Manhattan-based real estate firm, Besen Partners, plans to convert the property from a single user facility into a multi-tenant office building.
Launched in 2017, JLJ Capital is currently involved in financing a number of other projects in New York, New Jersey, Pennsylvania and Texas.
“We actively seek experienced real estate professionals who are looking to partner with established developers and other real estate professionals who desire creative financing options unavailable from banks or other traditional lenders,” said Lewis.