CT Office Park Lands $150M Refi

NORWALK, CT-CIBC World Markets has provided $150 million in financing for Merritt 7, a six-building, 1.4 million-square-foot, class A office park here, in a deal arranged by HFF. Loan proceeds were used to refinance maturing debt on the property, which is owned by a separate account managed by Clarion Partners.

The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O'Neil Goff. “Merritt 7 is one of the most successful office parks in southern Connecticut, as evidenced by its performance track record throughout multiple business cycles,” Cassum says. “Needless to say, this opportunity received great interest from across the lending community. CIBC offered competitive terms and executed flawlessly.” 

The property consists of six buildings along Route 7 less than half a mile north of its intersection with the Merritt Parkway/Route 15 and less than three miles north of Interstate 95. The buildings are 90.5% leased to a tenant roster that includes General Electric, FactSet Research Systems, Siemens and the Financial Accounting Foundation.

This past May, Clarion on acquired the minority interest of its partner of over 15 years, Fairfield Investors, in Merritt 7. Clarion formed a strategic venture with Marcus Partners, which provides, in part, for a Marcus subsidiary to take over property management and leasing services at the park. The park is about two-thirds of the way through a $15-million renovation.