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Connecticut loans add up to $63m.


L.J. Melody & Company's Stamford office team, comprised of Tim Harwood and Ron Roth, arranged more than $63 million in financings throughout Connecticut in the first quarter 2005. Financing was secured for the following transactions:

Permanent financing Permanent financing

Long-term financing using either debt or equity.


permanent financing

The long-term financing that supports a long-term asset.
 in the amount of $27 million was arranged for a five-building corporate campus in Milford, Conn. A major regional bank provided the funding on behalf of Crown Milford, LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
. Located at 470-488 Wheelers Farm Road, Crown Milford Corporate Campus offers 425,000 s/f of space in five class A buildings situated on 47 acres of land. With convenient access from the Merritt Parkway  and 1-95, the campus also offers ample parking, on-site management and a cafeteria. The campus is currently 80% occupied.

Permanent acquisition financing in the amount of $15.4 million was arranged for 1010 Washington Boulevard The following roads are named Washington Boulevard:
  • Washington Boulevard (Arlington)
  • Washington Boulevard (Baltimore)
  • Washington Boulevard (Detroit)
  • Washington Boulevard (Los Angeles)
  • Washington Boulevard (Stamford)
 in Stamford, Conn. The new owners of 1010 Washington Boulevard, a 137,589 s/f office property in downtown Stamford Downtown Stamford, Connecticut is an economically thriving section of Stamford, Connecticut with major retail establishments, a shopping mall and the headquarters of major corporations, as well as other retail businesses and offices. , plan to make substantial capital improvements by this summer. The property is currently 90% occupied. Allstate Insurance Company, a correspondent lender for L.J. Melody & Company, provided the funding for this loan on behalf of 1010 Washington Investors, LLC.

Permanent financing in the amount of $10o5 million was arranged in a transaction where the loan proceeds were used to refinance and prepay an existing loan. The borrower was able to add the cost of prepayment to the loan balance and justify the higher loan amount due to increased cash flows generated from a lower interest rate. The loan was arranged for a group of retail and medical office buildings located at 1229, 1275 and 1305 Post Road in Fairfield, Conn. The three properties, known as The Brickwalk, were originally constructed between 1966 and 1973 and contain a total of 96,883 s/f of space. Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world.  provided the funding on behalf of DAC See D/A converter and discretionary access control.

DAC - Digital to Analog Converter
 Associates, LLC.

Permanent acquisition financing in the amount of $7.425 million was arranged for two properties--Kennedy Business Park and Kennedy Industrial Park. The financing package featured a 10-year loan maturity and 25-year amortization schedule. Kennedy Business Park, located at 425-431 Hayden Station in Windsor, Conn., is directly adjacent to Kennedy Industrial Park, which is located at 900920 River St. Together, the two parks offer 198,423 s/f of office/warehouse space. Kennedy Business Park features 102,432 s/f in four buildings, and Kennedy Industrial Park features 96,000 s/f in two buildings. Farm Bureau Life Insurance Company from West Des Moines, Iowa West Des Moines is a city in Polk, Dallas, and Warren counties in the U.S. state of Iowa. As of the 2000 census, the city population was 46,403; a special census taken in the spring of 2005 counted 51,744 residents. , an L.J. Melody correspondent lender in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , provided the funding.

Permanent interest-only financing in the amount of $1.83 million was arranged for 80 Main St. in New Canaan New Canaan (kā`nən), town (1990 pop. 17,864), Fairfield co., SW Conn.; settled c.1700, inc. 1801. It is mainly a residential town and suburb of nearby New York City. Silvermine Guild Arts Center is located there. , Conn. Terms of the financing included a low interest rate and a 10-year term. Loan proceeds were used to refinance an existing loan. The subject property is a 12,855 s/f retail building. The property is 100% occupied. Bear Steams provided the funding.

Permanent interest-only financing in the amount of $1.7 million was arranged for Bright Horizons Child Day Care Center in Wilton, Conn. Built in 2002, Bright Horizons Child Day Care Center is a 8,831 s/f facility located at 7 Godfrey Place. The terms of the financing included a low interest rate and a 10-year term. Loan proceeds were used to refinance an existing loan. Bear Stearns provided the funding on behalf of AK Enterprises, LLC.
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Article Details
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Apr 20, 2005
Words:568
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