News: Connecticut
Posted: January 19, 2018
ECB Capital Group closes $19 million loan for 100 Prospect Street
Stamford, CT ECB Capital Group closed on a $19 million first position loan to refinance 100 Prospect St. The building, formerly two, twin 4-story office buildings with First County Bank it’s major tenant, was mostly converted to residential nine years ago.
Current ownership purchased the property in August 2016 with 82 residential units and a vacant 4th floor of southern tower. Current owners got the zoning needed to add 12 new residential units. ECB closed this non-recourse loan with the 12 new units still under construction. The new loan at a fixed rate of 3.75% for a 10 year term retired the $14 million acquisition loan and allowed the loan with ownership to recoup almost its entire basis in the property to date.
MORE FROM Connecticut
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary