Real estate development firm The Ashforth Co. has secured a $150 million loan from PGIM Real Estate Finance to refinance Greenwich Plaza, the 325,100-square-foot, transit-oriented office campus in Greenwich.
Ashforth will use part of the loan proceeds towards property renovations, with the remainder going toward the redevelopment of the new, $45 million Greenwich Transportation Center. The 100% occupied office property is located near the Greenwich Train Station, which offers express access to New York City and Stamford on the New Haven Metro-North rail line.
Greenwich Plaza is comprised of two four-story office buildings totaling 325,100 square feet, with a three-story parking deck located below its surface. The property was originally constructed by Ashforth in 1970.
As previously reported, the town of Greenwich and Ashforth are developing an entirely new train station to replace the existing train station on the north side of the tracks, as well as a new train station on the south side of the tracks; expanded and improved drop-off and pick-up areas for both stations; new pedestrian and commuter pathways; a new privately owned public park on the corner of Greenwich Avenue and Railroad Avenue; new luxury movie theaters above the existing parking lot on Railroad Avenue; and modernized retail space along Railroad Avenue.
“We’re glad to have had the opportunity to work with Ashforth on this unique transaction and support its efforts to invigorate what is currently an underutilized section of the Greenwich Train Station neighborhood,” said PGIM Real Estate Finance’s managing director Tom Goodsite, who led the transaction on the firm’s behalf. “The planned upgrades will further activate the immediate area, to the benefit of companies and employees in Greenwich Plaza and the surrounding community.”
PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc.
The financing assignment was led by Ken Ziebelman and Ethan Pond of Eastdil Secured.