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.
“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,” remarked Roeschlaub.
“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.”