Stamford-based Building and Land Technology has sold a downtown Stamford office complex for $235 million, according to published reports.
The buyer is a joint venture of A.M. Property Holding II
Corp. and of Northeast Capital Group. Northeast Capital Group is a private
equity investment group based in Ramapo, NY, led by CEO Joel Kiss. A.M.
Property is a company wholly owned by the Wasserman family that operates
approximately 2.5 million square feet of office space in the Tri-State area.
Parkview Financial provided a $110 million bridge loan to for the acquisition of the 557,581 s/f Class A office complex comprised of two interconnected buildings located at 200 Elm Street and 695 E Main Street in Stamford, CT.
“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.
Built in 1984 and renovated in 2016, the 7.71-acre office
campus consists of two, six-story buildings and is currently 80.8 percent
leased to nine tenants including Henkel of America, Deloitte, Diageo, Webster
Bank, and McDonald’s. The property features an atrium lobby, 17 passenger
elevators, café, fitness center, outdoor seating, entertainment space and a
four-story subterranean parking garage with 1,454 spaces.
