January 29, 2017
Shelbourne Global Solutions took out a $40 million bridge loan to buy the Metro Center, at 350 Church St. in Hartford, CT.
The 12-story, 293,600-square-foot office property is 99% leased with a strong roster of credit tenants, including Lincoln Financial and CohnReznick. While the Shelbourne was in contract to buy the building, the buyer also negotiated a long-term lease through 2028 with tenant Lincoln Financial.
“Meridian was able to negotiate favorable terms for the client by leveraging the benefits of the lease renewal and tailor a short-term solution in line with the sponsor’s business plan for the asset,” said Shaya Ackerman, senior managing director for in the New York City headquarters of Meridian Capital, which negotiated the loan.
Thorofare Capital provided the two-year loan with a floating rate of 5.85% over the 30-day LIBOR rate and interest-only payments.
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