HB Nitkin Secures $30M in Financing for Greenwich Financial Center

GREENWICH, CT-Holliday Fenoglio Fowler LP has brokered $30 million in permanent financing for the HB Nitkin Group on its Greenwich Financial Center office property here.

HFF senior director Mark Fisher, who worked on behalf of the HB Nitkin Group, secured the 10-year, fixed-rate, securitized loan through Greenwich Capital. HFF senior real estate analyst Kristin Brozek also worked on the transaction.

HB Nitkin, a real estate developer, owner and manager based in Greenwich, purchased Greenwich Financial Center, an 80,470-sf office building two years ago. The company, which has a portfolio of 1.2 million sf, also owns the Armory Building-a mixed-use property a block away from the Greenwich Financial Center. The $30 million permanent loan financing is secured by the Greenwich Financial Center only.

The property includes 60,334 sf of office space and 19,663 sf of retail space. Half of the retail space fronts Greenwich Ave., a mecca of high-end retail. Some of the major retailers who have a presence on Greenwich Ave. include: Saks Fifth Avenue, Tiffany’s and Baccarat. The property, located at One Fawcett Place, also fronts the entire block of Fawcett Place between Mason St. and Greenwich Ave., Holliday Fenoglio Fowler officials note.

Holliday Fenoglio Fowler’s Fisher said, “We marketed the loan nationally and received substantial interest from numerous lenders, but Greenwich Capital had the edge. They were right on target with their valuation and they had the ability to hold the loan ‘on-book’ while additional leasing was completed.”

Steve Anderson, the lead underwriter on the transaction with Greenwich Capital, relates, “As a landlord, tenant and lender located in Greenwich, we had a unique insight on the property’s value. It was the combination of Greenwich Financial Center’s sponsorship, location and tenant make-up that was the driving force in developing a creative structure to support the transaction.”

Recently, Solomon Smith Barney signed a lease for 21,000 sf on the third floor of the building. The financial services firm will be relocating from 19,000 sf of space it currently leases on the second floor in early 2004. Other major office tenants at the property include AXA, which leases 11,000 sf and NY Sports Club, which has 10,000 sf at the building. Greenwich Financial Center is currently nearly fully leased.