Stamford, CT ??ECB Cap Group has closed on a $19 million first position loan to refinance 100 Prospect St. The building, formerly two twin, four-story office buildings, with First County Bank it’s major tenant, was mostly converted to residential nine years ago. Current owners got the zoning needed to add 12 new residential units.
Current ownership purchased the property in August 2016 with 82 residential units and a vacant 4th floor of the southern tower. Current owners got the zoning needed to add 12 new residential units. ECB closed this non recourse loan with the 12 new units still under construction. The new $19 million loan at a fixed rate of 3.75% for a 10-year term retired the $14 million acquisition loan and allowed the loan with ownership to recoup almost its entire basis in the property to date.? ?
“This is exactly the loan we wanted,” according to a representative from Herald Realty Management. “We understand the challenges of the cash out considering how recently we purchased the property and the fact that we closed while still mid-construction. We also were opposed to taking a bridge loan that would require recourse and not provide a long term fixed rate. ECB embraced the challenge and outperformed our expectations. The process was fluid, and we’re thrilled with the loan.”