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| Merritt 7 six-building office park, Norwalk, CT |
BOSTON, MA – HFF announced today that it has arranged $150 million in financing for Merritt 7,
a six-building, 1.4 million-square-foot, Class A office park in Norwalk,
Connecticut.
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| Lauren O’Neil Goff |
HFF
worked on behalf of the borrower, a separate account managed by Clarion
Partners, to secure the floating-rate loan through CIBC World Markets. Loan proceeds were used to refinance
maturing debt on the property.
The
property consists of six buildings along Route 7 less than one-half mile north
of its intersection with the Merritt Parkway/Route 15 and less than three miles
north of Interstate 95.
Situated on 22 acres
along the Norwalk River, the property features on-site amenities such as
concierge services, a state-of-the-art fitness center, conference centers, car
rental, car care, two full-service cafeterias, Starbucks and a unisex salon.
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| Riaz Cassum |
The buildings are
90.5 percent leased to a diverse tenant roster including General Electric,
Factset Research Systems and the Financial Accounting Foundation.
The
HFF team representing the borrower was led by senior managing director Riaz
Cassum and director Lauren O’Neil Goff.
“Merritt 7 is one of the most successful office parks in
southern Connecticut as evidenced by its performance track record throughout
multiple business cycles,” said Cassum.
“Needless to say, this opportunity received great interest from across
the lending community. CIBC offered
competitive terms and executed flawlessly.”
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| Clarion Partners headquarters 230 Park Avenue, New York, NY |
Clarion Partners (clarionpartners.com) has been a leading U.S. real
estate investment manager for over 30 years.
Headquartered in New York, the firm has offices in major markets
throughout the U.S., in São Paulo, Brazil and London, England as well as a
presence in Mexico.
With more than $28
billion in total assets under management, Clarion Partners offers a broad range
of real estate strategies across the risk/return spectrum to its more than 200
domestic and international institutional investors.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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