BOSTON, MA, September 3, 2013 - HFF announced today that it has arranged $150 million in financing for Merritt 7, a six-building, 1.4 million-square-foot, Class A office park in Norwalk, Connecticut.
HFF worked on behalf of the borrower, a separate account managed by Clarion Partners, to secure the floating-rate loan through CIBC World Markets. Loan proceeds were used to refinance maturing debt on the property.
The property consists of six buildings along Route 7 less than one-half mile north of its intersection with the Merritt Parkway/Route 15 and less than three miles north of Interstate 95. Situated on 22 acres along the Norwalk River, the property features on-site amenities such as concierge services, a state-of-the-art fitness center, conference centers, car rental, car care, two full-service cafeterias, Starbucks and a unisex salon. The buildings are 90.5 percent leased to a diverse tenant roster including General Electric, Factset Research Systems and the Financial Accounting Foundation.
The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O`Neil Goff.
"Merritt 7 is one of the most successful office parks in southern Connecticut as evidenced by its performance track record throughout multiple business cycles," said Cassum. "Needless to say, this opportunity received great interest from across the lending community. CIBC offered competitive terms and executed flawlessly."
Clarion Partners (clarionpartners.com) has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
RIAZ A. CASSUM
HFF Senior Managing Director
KRISTEN M. MURPHY
HFF Associate Director, Marketing
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Source: HFF, Inc. via Thomson Reuters ONE