CT office building of refi, a subsidiary of Cadre, with a loan of $ 41 million
Cushman & Wakefield acted as the exclusive advisor to the Acram Group and affiliates of Cadre, a New York-based technology-based real estate investment manager, in arranging a $ 41,470,000 loan under the refinancing of 411 West Putnam Avenue, a 103,060 s / f office building in Greenwich, Connecticut.
The five-year variable rate loan was provided by Sound Point Capital Management on behalf of Aflac Global Investments to refinance existing debt and pay rental and capital costs. Capital Sound Point and Aflac announced earlier this year a new partnership focused on commercial real estate lending, with Aflac contributing $ 1.5 billion to the newly created Sound Point Capital fund.
A team from Cushman & Wakefield led by Gideon Gil, Lauren Kaufman and Sebastian Sanchez represented the borrower and co-negotiated the deal with Mission Capital Advisors.
“This transaction represented an exceptional opportunity for lenders, given the sponsorship profile, long-term leases and strong sub-market fundamentals,” said Gil. “Sound Point Capital offered attractive financing terms and a flexible structure that fit perfectly into our client’s business plan.
Located on the west side of Putnam Avenue, the modern four-story office building has been institutionally maintained and features a glass facade and a MoMa-inspired lobby.
The Greenwich office market has seen increased demand in the wake of the Covid-19 pandemic, as New York-based companies sought to establish satellite offices closer to employees’ homes. Including three recently signed leases, 411 West Putnam is 92.1% leased to eight tenants with a weighted average lease term of nearly six years.
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