News: Connecticut

Meridian Capital Group arranges $85 million in permanent financing

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated an $85 million mortgage for the refinancing of the Matrix Corporate Center office property on behalf of Matrix Realty Group. The five-year CMBS loan features a competitive fixed-rate of 4.61%. This transaction was negotiated by Meridian Capital Group managing director, Tal Bar-Or and vice president, Michael Ottomanelli, who are both based in the company's NYC headquarters. The Matrix Corporate Center, located at 39 Old Ridgebury Rd., totals 1.05 million s/f of office space and is the largest office building in Danbury, accounting for 30% of total class A office space in the market. The property was constructed in 1981 and underwent over $10 million in renovations in 2012, which upgraded common areas and the façade. Notable tenants include General Motors, Boehringer Ingelheim and Praxair, Inc. "Numerous lenders had reviewed this financing request over the past few years," said Bar-Or. "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." Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

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<br> the First Annual Project of the Year Award! Vote today!

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

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 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