{"id":1004159919,"date":"2016-11-23T07:34:25","date_gmt":"2016-11-23T15:34:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004159919"},"modified":"2022-12-08T20:34:58","modified_gmt":"2022-12-09T04:34:58","slug":"ngkf-pulls-double-financing-duty-in-new-york-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ngkf-pulls-double-financing-duty-in-new-york-area\/","title":{"rendered":"NGKF Pulls Double Financing Duty in New York Area"},"content":{"rendered":"

By Ioana Neamt<\/em><\/p>\n

\"Greenwich<\/a>

Greenwich Office Park, Greenwich, Conn.<\/p><\/div>\n

New York<\/strong>\u2014It\u2019s been a busy couple of weeks for NGKF Capital Markets in the New York metro area. The company recently closed on $97.5 million in debt financing for a Greenwich Park office acquisition, and secured $45.6 million in financing for the purchase of an office condominium building in Manhattan.<\/p>\n

Working as exclusive advisor to Connecticut-based sponsor Fareri Associates, NGKF closed on $97.5 million in debt financing for the purchase of the 380,561-square-foot Greenwich Office Park in Greenwich, Conn. The transaction, which included a five-year, fixed-rate loan with a full-term, interest-only component, is the largest office deal in Greenwich in the past five years, according to NGKF. The eight-building business park was acquired from seller Clarion Partners on behalf of a separate account client managed by the firm, for a total price tag of $130 million\u2014or $344 per square foot.<\/p>\n

Executive Managing Director Jordan Roeschlaub led the NGKF team that arranged the financing, alongside Director Steven Sperandio and Managing Director Daniel Fromm.<\/p>\n

Clarion Partners recently completed a $15.5 million capital improvement program at the property, which offers amenities such as a fitness center, full-service caf\u00e9, door-to-train shuttle service, complimentary covered parking, storage space and a tenant conference room, among others.<\/p>\n

\u201cThe combination of premier suburban office space and market-leading sponsorship led to robust appetite from virtually every major lender,\u201d Sperandio said in a statement. \u201cOur team was able to structure a loan that insulated property-level cash flow from interest rate volatility and also offered flexibility for future redevelopment plans in and around the park.\u201d<\/p>\n

\"420<\/a>

420 Fifth Ave., New York City<\/p><\/div>\n

An NGKF Capital Markets team led by Roeschlaub and Daniel Fromm also secured $45.6 million in financing for the 14th<\/sup> to 17th<\/sup> floors of 420 Fifth Ave.\u2014a Class A office condo building located in Midtown Manhattan. Working as exclusive advisor to A-M Properties and Quality Capital, the team arranged and structured a short-term, floating-rate loan that was used for the $48.2 million acquisition of the Class A office space, currently occupied by the seller, Girl Scouts of America. Pine River Capital Management issued the senior loan, which will be used to fund a future repositioning plan at the site, after Girl Scouts of America vacates the space in summer 2017.<\/p>\n

\u201cCombined with the strength of the sponsorship and the quality of the asset, our team ran an institutional process that ultimately allowed us to secure a favorable loan for the acquisition and repositioning of the property,\u201d stated Roeschlaub.<\/p>\n

Images courtesy of NGKF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The firm recently closed on two office financing deals, one of which was the largest of its kind in Greenwich in the last five years.<\/p>\n","protected":false},"author":192,"featured_media":1004159921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,1600,21742,10,21747],"tags":[32790,32846,32845],"class_list":["post-1004159919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-clarion-partners","tag-greenwich","tag-ngkf"],"acf":[],"yoast_head":"\nNGKF Pulls Double Financing Duty in New York Area - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ngkf-pulls-double-financing-duty-in-new-york-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NGKF Pulls Double Financing Duty in New York Area\" \/>\n<meta property=\"og:description\" content=\"The firm recently closed on two office financing deals, one of which was the largest of its kind in Greenwich in the last five years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ngkf-pulls-double-financing-duty-in-new-york-area\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-23T15:34:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:34:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Sunshine-flair.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"598\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ngkf-pulls-double-financing-duty-in-new-york-area\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ngkf-pulls-double-financing-duty-in-new-york-area\/\",\"name\":\"NGKF Pulls Double Financing Duty in New York Area - 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