WAILLINGFORD, CT-Sonnenblick Goldman of New York City reports that Workstage CT LLC, the developer of the new Mortgage Lenders Network national headquarters, has closed on $50.75 million in construction financing from KeyBank. Sonnenblick Goldman served as the financial advisor to Workstage CT LLC, which is a joint venture of the Hampshire Cos., of Morristown, NJ, and Workstage LLC, a green development company owned by Gale International and Steelcase Inc.
Workstage CT LLC, Mortgage Lenders Network and officials with the State of Connecticut staged a ground-breaking ceremony this past May for the project. Mortgage Lenders Network will occupy the entire 300,000-sf building and has signed a 20-year lease.
The developer has retained Sonnenblick Goldman to arrange permanent 12-month forward financing for the project.
"We are very pleased to complete the first stage of this project, which allows Workstage CT to develop what will be a very attractive property with a very strong and expanding tenant," says Dave Karson, director at Sonnenblick Goldman. "We have a long-term triple net lease from a strong tenant in an extremely adaptable and efficient building. This is a great opportunity for the owner to lock in debt at today's low interest rates and own a best-in-class building on a beautiful corporate campus."
The LEED-certified building will be designed with steel-framed masonry, concrete encasements and a glass-curtain wall.
Not part of the financing package is the Founder's Cottage, a 5,000-sf visitors and conference center to be built on the 100-acre site. The Founder's Cottage will resemble a typical New England farmhouse, but will use modern "green" technology for heating and air conditioning.
Mortgage Lenders Network, which is currently headquartered in Middletown, stated earlier this year that the move to its new Wallingford headquarters property will allow the firm to more than double its current workforce in Connecticut in the next three years to about 1,600 employees.
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