Hines, Warren Private Clients, and Willett Companies are shopping for an $85 million floating-rate mortgage on their Class A office building 33 Benedict Place, which is located in downtown Greenwich, Connecticut. The new loan on the 119,344 square-foot space is intended to be used to payoff the current $70 million interest-only mortgage. The group of owners purchased the building from Unilever in 2005 for $87.5 million, and marketed the location for sale at around $140 million ($1,094 per square-foot) this past October without reeling in a deal. Last week’s Commercial Real Estate Alert notes that a second round at an attempted sale could happen within a few years.
Built in 1972, the four-story office property reported a 100% occupancy rate in September 2014. Lead tenant AQR Capital is committed to over 50% of the space until mid-2024. Other large tenants include Axiom international and DRW Property. Cashflow for the property has been strong, contributing to a 2.26x DSCR that has steadily trended upwards over the past few years. There are no past delinquencies on the loan.
The maturity date on the 33 Benedict loan is set for July with the option for prepayment open in May. The balance backs 2.91% of the GCCFC 2005-GG5 deal. Just over 17% of deal’s balance registered as delinquent in the month of February. Losses have spilled into the H-tranche, totaling at 4.20%, while income shortfalls have reached all the way to the C-class.
Compliments of Trepp, LLC, a member of the EACC New York.