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Natixis Provides $97.5 Million Fixed-Rate Financing For Greenwich, CT Office Park
Natixis has originated a $97.5 million fixed-rate financing for the acquisition of Greenwich Office Park. The loan is secured by eight Class A office buildings totaling approximately 380,000 square feet. The five-year facility includes an $87.5 million senior loan and a $10.0 million mezzanine loan.
Currently 83% leased, the park has averaged 92.7% occupancy since 1997. The borrower is an affiliate of Greenwich-based Fareri Associates.
Greenwich Office Park offers its tenants a range of amenities including a tranquil campus setting, doorto-door train shuttle service, state-of-the-art fitness center with personal trainers, full service café with catering service, covered parking and specialty services such as shoe repair, notary, storage space and conference facilities.
Greenwich Office Park has been institutionally owned and maintained by Clarion Partners since 1997. From 2010-2016, approximately $15.5 million was spent on capital improvements throughout the park.
The financing was arranged by NGKF Capital Markets in New York City.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. See note on methodology in the 2Q19 earnings material.
Figures as at 30 June 2019