Benenson Capital Secures $38 Million Financing for Stamford, Conn., Office Building
25 Mar, 2011, New York
Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to an affiliate of Benenson Capital Partners, has arranged a $38 million senior loan secured by 1600 Summer St., a 261,000 square foot Class A office building located in Stamford, Conn. The loan, which was provided by an affiliate of a domestic life insurance company, is for a term of 15 years.
Benenson Capital Partners developed 1600 Summer Street in 1980 and has owned it continuously since then. The building has been home to various major corporate tenants throughout its history. Currently, it is 100 percent leased to three tenants: General Electric Company, Philips Electronics North America Corp., and AON Corporation.
Richard A. Kessler, chief operating officer of Benenson Capital Partners, said, "This financing along with the tenancy of General Electric, completes the successful repositioning of 1600 Summer Street."
Steven Kohn, president of Cushman & Wakefield Sonnenblick Goldman, said, "The prestigious tenant roster, long-term stability and strength of ownership made this financing a highly attractive opportunity for lenders."
"As a result of this transaction, Benenson Capital has been able to lock in an interest
rate for the next 15 years that is extremely low compared to historical rates," noted Mark
Ehlinger, executive director of Cushman & Wakefield Sonnenblick Goldman.
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