NorthMarq arranges $7.17 million bridge loan for acquisition of 1 Targeting Centre in Windsor, Connecticut

CINCINNATI, OHIO (February 3, 2020) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office secured the $7.17 million bridge loan for the acquisition of 1 Targeting Centre. The 97,256 sq. ft. office property is located at 1 Targeting Center in Windsor, Connecticut. 

The transaction was structured with a 3-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a bridge/mezzanine lender. NorthMarq took the deal out to market, and through its vast network sourced a lender who provided just the right structure that allowed the borrower to retain a sufficient portion of the property's free cash flow and give them time to complete their value-add strategy.

“This was a tough deal for a number of reasons with the primary issue being that the building was 100 percent leased to a single tenant who was still paying rent but had vacated the property,” said Juran. “Additionally, our New York-based client desired to keep a portion of the property's free cash flow (whereas nearly all lenders would require a 100 percent cash flow sweep) during the remaining lease term while they strategize to lease up the building to a new tenant; we knew this key point for the Borrower was a major hurdle.”