First Niagara’s Commercial Real Estate Group announced the closing of a $15 million loan for the refinancing of One Sound Shore Drive, a fully leased, 60,000 s/f Class A office property in Greenwich, CT.
The property is owned and managed by Simone Development Companies and Fareri Associates.
Tracy Dembicer, vice president, Commercial Real Estate, handled the transaction for First Niagara.
This is First Niagara’s second financing transaction for Simone and Fareri. Last month, the firm arranged a $22.8 million construction loan for the development of 3030 Westchester Avenue, a new 85,000 s/f, state-of-the-art medical office building in Purchase, NY.
The new building has been leased in its entirety to WESTMED Medical Group, a growing physician-owned and managed multi-specialty group practice.
“The First Niagara real estate platform sees high growth potential in the Tri-State market and continues to cultivate new opportunities with strong regional developers like Simone Development and Fareri Associates,” said Dembicer.
“This is our second loan transaction with First Niagara and we’re very pleased with the responsive service and their understanding of our business needs. We look forward to working with them on other projects in the future,” said Joseph Simone, president of Simone Development Companies.