Bufflao, N.Y.-based First Niagara’s commercial real estate group has announced closing on a $15 million loan for the refinancing of One Sound Shore Drive, a fully leased, 60,000-square-foot Class A office property in Greenwich. The property is owned and managed by Simone Development Cos. and Fareri Associates.
This is First Niagara’s second financing transaction for Bronx-based Simone and Greenwich-based Fareri. Last month, First Niagara announced closing on a $22.8 million construction loan for the development of 3030 Westchester Ave., a new 85,000-square-foot medical office building in Purchase, NY. That new building has been leased in its entirety to WESTMED Medical Group, a physician-owned and managed multispecialty group practice.
“This is our second loan transaction with First Niagara and we’re very pleased with the responsive service and their understanding of our business needs. We look forward to working with them on other projects in the future,” said Joseph Simone, president of Simone Development Cos.
Simone Development Cos. is a full-service, privately held real estate firm established more than 40 years ago with acquisition and development experience across office, medical, industrial, retail and residential properties in the tri-state area. Fareri Associates L.P. is a real estate development firm established in 1994 and has expertise in development and repositioning properties, including retail, mixed-use, office, residential and medical buildings.