$14.5M refinancing secured for Stamford, Connecticut, medical office building
JLL Capital Markets led the financing efforts for Holly Pond Plaza, which is 99% occupied
BOSTON, Sept. 11, 2023 – JLL Capital Markets announced today that it has arranged a $14.5 million refinancing for Holly Pond Plaza, a 73,060-square-foot, multi-story medical office building in Stamford, Connecticut.
JLL worked on behalf of the borrower, Faros Properties, to secure the five-year, fixed-rate loan through Silicon Valley Bank, a division of First Citizens Bank.
Completed in 2003 and renovated in 2013, Holly Pond Plaza is 99% leased to three credit worthy tenants. The building features four floors of medical office space above four levels of parking for 222 vehicles.
Holly Pond Plaza is situated on 0.60 acres at 1281 East Main St. in Fairfield County. This area of southwest Connecticut features several prominent health systems, which has spurred the expansion of outpatient services and the number of medical office facilities in the area. The Stamford medical office is particularly strong with a robust occupancy rate and strong annual rent growth.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.
“Strong in-place metrics, along with the Sponsor’s strong reputation and track record of consistent top of the market performance at the property, resulted in competitive marketing process with multiple lenders offering attractive financing options,” Schneider said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Faros Properties
Faros Properties is a real estate investment firm with more than $1Bn of assets that targets long-term private investment opportunities, while prioritizing core investments in supply-constrained markets that have high concentrations of intellectual capital. Established by Jeremy Leventhal, Alexander Leventhal and Elliot Gould, its predecessor companies trace their roots to family-owned operations, and for over six decades the family has actively engaged in the construction, development, acquisition, and management of real estate throughout the country.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.