STAMFORD, CT-Maiden Lane Associates, the owner of 1111-1117 Summer St. here, has secured $17 million in a refinancing transaction on the two-tower office complex. The financing through Citigroup Global Markets Realty Corp., is a 10-year fixed-rate mortgage.
Holliday Fenoglio Fowler LP managing director Al Epstein and Christine Riniti brokered the transaction on behalf of Maiden Lane Associates. The law firm of Levy Holm Pellegrino & Drath of New York City also represented the building owner in the deal.
Last November, Maiden Lane Associates acquired the 125,500-sf complex from an affiliate of Ivy Equities of Montvale, NJ in a 1031 tax deferred exchange transaction valued at $24.3 million or $196.64 per sf. The property, developed as a joint venture between Prudential Insurance and Fisher Brothers about 25 years ago, has served as the regional headquarters for Ernst & Young for nearly 20 years. Cardiology Associates and Parker Global Strategies are among the 16 other tenants at the complex.
"This property is an attractive financing investment for Citigroup," says HFF's Epstein. "It is a well-established office location in the central business district with good parking and convenience of the University of Connecticut, good restaurants and shopping."
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