L.J. Melody & Company's Stamford office team, comprised of Tim Harwood and Ron Roth, arranged more than $63 million in financings throughout Connecticut in the first quarter 2005. Financing was secured for the following transactions:
Permanent financing in the amount of $27 million was arranged for a five-building corporate campus in Milford, Conn. A major regional bank provided the funding on behalf of Crown Milford, LLC. Located at 470-488 Wheelers Farm Road, Crown Milford Corporate Campus offers 425,000 s/f of space in five class A buildings situated on 47 acres of land. With convenient access from the Merritt Parkway and 1-95, the campus also offers ample parking, on-site management and a cafeteria. The campus is currently 80% occupied.
Permanent acquisition financing in the amount of $15.4 million was arranged for 1010 Washington Boulevard in Stamford, Conn. The new owners of 1010 Washington Boulevard, a 137,589 s/f office property in downtown Stamford, plan to make substantial capital improvements by this summer. The property is currently 90% occupied. Allstate Insurance Company, a correspondent lender for L.J. Melody & Company, provided the funding for this loan on behalf of 1010 Washington Investors, LLC.
Permanent financing in the amount of $10o5 million was arranged in a transaction where the loan proceeds were used to refinance and prepay an existing loan. The borrower was able to add the cost of prepayment to the loan balance and justify the higher loan amount due to increased cash flows generated from a lower interest rate. The loan was arranged for a group of retail and medical office buildings located at 1229, 1275 and 1305 Post Road in Fairfield, Conn. The three properties, known as The Brickwalk, were originally constructed between 1966 and 1973 and contain a total of 96,883 s/f of space. Bear Stearns provided the funding on behalf of DAC Associates, LLC.
Permanent acquisition financing in the amount of $7.425 million was arranged for two properties--Kennedy Business Park and Kennedy Industrial Park. The financing package featured a 10-year loan maturity and 25-year amortization schedule. Kennedy Business Park, located at 425-431 Hayden Station in Windsor, Conn., is directly adjacent to Kennedy Industrial Park, which is located at 900920 River St. Together, the two parks offer 198,423 s/f of office/warehouse space. Kennedy Business Park features 102,432 s/f in four buildings, and Kennedy Industrial Park features 96,000 s/f in two buildings. Farm Bureau Life Insurance Company from West Des Moines, Iowa, an L.J. Melody correspondent lender in New England, provided the funding.
Permanent interest-only financing in the amount of $1.83 million was arranged for 80 Main St. in New Canaan, Conn. Terms of the financing included a low interest rate and a 10-year term. Loan proceeds were used to refinance an existing loan. The subject property is a 12,855 s/f retail building. The property is 100% occupied. Bear Steams provided the funding.
Permanent interest-only financing in the amount of $1.7 million was arranged for Bright Horizons Child Day Care Center in Wilton, Conn. Built in 2002, Bright Horizons Child Day Care Center is a 8,831 s/f facility located at 7 Godfrey Place. The terms of the financing included a low interest rate and a 10-year term. Loan proceeds were used to refinance an existing loan. Bear Stearns provided the funding on behalf of AK Enterprises, LLC.
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