2013-09-03 23:04:03 -
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
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. (NYSE: 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
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HFF, Inc. via Thomson Reuters ONE