DANBURY, CT-Matrix Realty Group has secured an $85-million mortgage to refinance its Matrix Corporate Center here. Meridian Capital Group negotiated the five-year CMBS loan at a fixed rate of 4.61%; the lender was not identified.
“Numerous lenders had reviewed this financing request over the past few years,” says Tal Bar-Or, New York City-based managing director at Meridian, who negotiated the deal with VP Michael Ottomanelli. “After comprehensively evaluating the sponsor's business plan, Meridian identified the optimal lending partner and structured a loan that allows the client the flexibility to execute their value-add business plan while providing the certainty of a fixed-rate loan.”
At just over one million square feet, Matrix Corporate Center is the largest office property in Danbury, accounting for 30% by itself of the total of class A office space in that market. The property at 39 Old Ridgebury Rd. was built in 1981, serving as Union Carbide's corporate headquarters at one time, and underwent more than $10 million in renovations last year.
Notable tenants at Matrix include General Motors, Praxair Inc. and Boehringer Ingelheim. The latter renewed its 327,095-square-foot space earlier this year, in a lease that will keep it at the property through at least December 2022.
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