Norwalk, CT Marcus & Millichap Capital Corporation (MMCC) has secured $3.515 million in financing for the acquisition of 83 East Ave., a three-story, 39,000 s/f office building.
Robert Noeldechen, director in MMCC’s New Haven office, handled the deal and secured a 4.985% fixed rate non-recourse loan, with 1-yr I.O., 10-year term/30-year amortization.
The property, built in 1965 and renovated as recently as 2015, sits on a 1.37-acre lot and sold for $4.6 million.
“We were able to obtain extremely favorable loan terms for our client,” said Noeldechen. “The property is well-located off I-95, the Rte. 7 Connector, the Merrit Parkway, Rte. 1, and close to all transportation hubs like Metro North. Norwalk and the SONO section have undergone significant redevelopment, particularly with the new 700,000 s/f GGP Mall under construction.”
He noted that in addition to the location, the property offers a more professional-styled atmosphere with plenty of parking for tenants and their customers. The property sits across from The Green, a noted historical and professional service district within the Town of Norwalk. It is also near Norwalk Hospital and Norwalk City Hall, making it an ideal location for medical or legal office users.