Faros Properties Lands Refi for Connecticut Medical Facility

Holly Pond Plaza was 99 percent leased at the time of the deal. Image courtesy of JLL Capital Markets.

Faros Properties has secured a $14.5 million refinancing loan for Holly Pond Plaza, a 73,060-square-foot medical office building in Stamford, Conn.

The JLL Capital Markets team led by Senior Director Jonathan Schneider worked on behalf of the borrower to secure the five-year, fixed-rate note provided by Silicon Valley Bank, a division of First Citizens Bank.

The property is under Faros’ ownership since 2010, when the company bought Holly Pond Plaza from Antares. The facility landed a $12.5 million loan from Rockland Trust Co. in 2018, CommercialEdge data shows.

Completed in 2003, the property underwent renovations in 2013. The four-story building features two passenger elevators, controlled access and four levels of parking for 222 vehicles. The facility is currently 99 percent leased to a group of tenants, including Westmed Medical Group, JHM Group and Specialty Surgery Center of Connecticut.

Located at 1281 E. Main St. on 0.6 acres, the property is near Interstate 95, being 40 miles from New Haven and New York City. Vital Healthcare Center, White Oak Medical Center and Immediate Care Center are some of the surrounding area’s medical providers, while Stamford Hospital is less than 3 miles away.

Year-to-date through August, 18 medical office buildings totaling 435,584 square feet changed hands in the Bridgeport New Haven market, according to CommercialEdge data. Back in July, Sendero Capital and Angelo Gordon acquired 1952 Whitney Ave., a 53,120-square-foot medical facility in Hamden, Conn.