Financing secured for office acquisition in Farmington, Connecticut
JLL Capital Markets led the financing efforts for 175 Scott Swamp Road, a Class A office building
MORRISTOWN, N.J., October 12, 2022 – JLL Capital Markets announced today that it has arranged financing for the acquisition of 175 Scott Swamp Road, a three-story office building totaling 100,539 square feet in Farmington, Connecticut.
JLL worked on behalf of the borrower, Northpath Investments, to secure the five-year, non-recourse, acquisition loan through bankESB.
175 Scott Swamp Road is fully occupied by ConnecitCare, Inc. a large regional health insurance provider and subsidiary of Emblem Heath who has occupied the property since it was originally constructed in 2002. The property is part of a 16.5-acre, two-building office campus. Building Two is the sole property included in the financing as the properties are owned under separate condominium interests. The building is one of the newest and highest quality properties in the Farmington submarket and offers on-site amenities, including a cafeteria and parking for more than 530 vehicles.
The property is ideally positioned 13 miles southwest of downtown Hartford and less than five miles to Interstate 84, which provides access to the greater New York City metro to the south and New England to the north.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Analyst Salvatore Buzzerio.
“We are pleased to have assisted Northpath Investments in another financing assignment with bankESB,” said Custer. “175 Scott Swamp is a high-quality office building that has maintained stable occupancy for the past two decades.”
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 JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northpath Investments
Northpath Investments is a privately held real estate investment firm headquartered in New York City. Northpath is focused on the acquisition, development, redevelopment, and management in primary and secondary markets of multifamily, retail, industrial, office, and self-storage properties in the northeast and mid-Atlantic regions. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners, and the communities. Because of their track record, Northpath Investments looks for properties with the potential for significant increase in cash flow and residual value through lease up, expansion, renovation, and redevelopment.