The New York office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged a $3 million permanent loan for a 3,500 s/f JP Morgan Chase bank building under construction in the Noroton Heights section the city.
HFF senior managing director Al Epstein worked on behalf of the borrower, Golden Heights LLC to secure the 10-year, fixed-rate loan through Peoples Bank of Mass. The borrower is an affiliate of Thomas Golden Realty Co., which owns a number of commercial properties in Darien.
The site is located at 169 Noroton Ave. Scheduled for completion within two months, the new Chase Bank building will be a one-story structure with two drive-through ATM's and 24 parking spaces.
"The lender, Peoples Bank, recognized the uniqueness of the property's location. New developments don't come easy in this area as the city has high barriers to entry. This is a busy intersection across from the Noroton Heights Metro Station that leads into a very active retail area that is anchored by Stop and Shop, Walgreen Drugs and Equinox," said Epstein. "In the same general area, Thomas Golden Realty Company is in discussions with the Town of Darien for developing a high quality, low-rise multi-housing/mixed-use commercial transit-oriented property to adjoin the Stop and Shop and Walgreen property."
HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.