Permanent Loan - Refinance$24,000,000
125,926 sf, 2 Building, Office Portfolio
Axiom Capital Corp. has structured and arranged the closing of a $24,000,000 permanent loan for the refinance of an office portfolio in Westport, CT. The 15 year, non-recourse loan was closed at a fixed rate and demonstrated a 73.2% Loan to Value and a 2.16x Debt Service Coverage Ratio amortized over 25 years.
The subject property contains two adjacent Class A office buildings totaling 125,926 SF. The property was purchased in 2013 when the buildings were 94% vacant. Since that time the property underwent $10 million in upgrades, tenant fit ups, and overall site improvements. At the time of close, the portfolio was 98.8% leased to several national and international companies including: Dentsu Aegis Network, Triple Point Technology, United Bank, and Rivel.
Located in the coastline town of Fairfield County, Westport is an idea location for business and residency, and is commonly called the “Gold Coast”, an area famous for its wealthy residents and businesses. The area boasts one of the lowest unemployment rates in Connecticut and has a median family income of $193,540. The property is strategically located off of exit 18 of I-95, only 47 miles northeast of New York City and provides shuttles to both the Westport Metro North Station and Southport Station for easy commuting.