11/09/2023 - Jones Lang LaSalle Inc.: $14.5M refinancing secured for Stamford, Connecticut, medical office building

BOSTON, Sept. 11, 2023 - JLL Capital Markets announced today that it has arranged a $14.5 million refinancing for Holly Pond Plaza, a 73,060-square-foot, multi-story medical office building in Stamford, Connecticut.

JLL worked on behalf of the borrower, Faros Properties, to secure the five-year, fixed-rate loan through Silicon Valley Bank, a division of First Citizens Bank.

Completed in 2003 and renovated in 2013, Holly Pond Plaza is 99% leased to three credit worthy tenants. The building features four floors of medical office space above four levels of parking for 222 vehicles.

Holly Pond Plaza is situated on 0.60 acres at 1281 East Main St. in Fairfield County. This area of southwest Connecticut features several prominent health systems, which has spurred the expansion of outpatient services and the number of medical office facilities in the area. The Stamford medical office is particularly strong with a robust occupancy rate and strong annual rent growth.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.

"Strong in-place metrics, along with the Sponsor's strong reputation and track record of consistent top of the market performance at the property, resulted in competitive marketing process with multiple lenders offering attractive financing options," Schneider said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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