News: Finance

Newmark arranges $133 million refinancing
of The Link, Stamford, CT

Stamford, CT Newmark, on behalf of A.M. Property Corp. and Northeast Capital Group, has arranged a $133 million loan to refinance 200 Elm St. (The Link), a class A office complex located in downtown.

The financing was secured by Newmark and led by co-head of global debt & structured finance Jordan Roeschlaub and vice chairmen Nick Scribani and Chris Kramer. Deutsche Bank and Urban Standard provided the funding.

Originally built in 1984, The Link recently underwent a $50 million transformation to meet the evolving needs of today’s workforce. The renovation introduced a reimagined lobby, modernized elevators, and upgraded common areas, integrated with an amenity package.

The property features a cafeteria and conference facility, outdoor fire pits, and a fitness center offering semi-private classes for tenants. These enhancements, coupled with The Link’s location, have driven significant leasing momentum – nearly 400,000 s/f of new leases and renewals have been completed in the past 24 months. Currently 92% leased, The Link is home to a distinguished tenant roster that includes Indeed, Deloitte, Henkel, and Diageo.

Positioned adjacent to I-95, The Link offers access to downtown’s expanding residential base – over 7,000 new apartments have been delivered across downtown and Harbor Point since 2014. Additionally, direct access from the property’s parking garage to I-95 ensures seamless connectivity for commuters.

Tags: Finance
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.