Financing secured for acquisition of Stamford’s BLT Financial Center

The Ramapo-based private equity investment firm Northeast Capital Group has secured $210 million in financing for its $235 million acquisition of the BLT Financial Center office complex in downtown Stamford.

According to a report in the real estate trade journal Commercial Observer, Parkview Financial supplied a $110 million bridge loan and an unidentified lender provided another $100 million for the 557,581-square-foot, six-story, four-building complex that spans 200 Elm St. and 695 E. Main St. Building and Land Technology was the seller in the transaction, with Meridian Capital Group negotiating the financing.

“We sourced a total of $210 million in financing from multiple sources in an accretive manner with a very quick execution for this time-of-the-essence closing,” said Morris Betesh, senior managing director at New York City-based Meridian Capital Group. “The new owners are very much hands on and will be able to further improve the value of the building and its presence as the premier asset in the Stamford market.”

“The borrower, who plans on a long-term hold on this well-located Class A building, intends to stabilize the property by implementing a leasing program, and will place permanent financing at a later date,” added Paul Rahimian, founder and CEO and founder of Parkview Financial. “This was a compelling bridge loan opportunity for us as this asset has credit tenants, stable cash flows and a strong institutional sponsorship team. We were able to provide certainty of execution to close this extremely time-sensitive transaction.”

The property is nearly 81% leased to nine tenants including Henkel, Deloitte, Diageo, Webster Bank and McDonald”™s. The complex also includes a 20,000-square-foot full-service cafeteria and a 9,000-square-foot fitness center. The property last changed hands as a $30.25 million transaction in 2011.

Photo courtesy of CoStar