NEW CANAAN
LOAN AMOUNT
$2,000,000
NEW CANAAN, CT
PREFERRED EQUITY
OFFICE SPACE
The sponsor was seeking additional financing for the purchase of a Class A owner-occupied office building located in an excellent downtown area with ample parking and direct access to the Metro North Trian station in the New Canaan’s CBD. The market is underserved by a limited leasable office supply with very little competitive product in the area, which continues to drive the office rents higher. The sponsor was planning to convert the property into a multi-tenant office building. JLJ Capital was able to structure the deal in the form of preferred equity and fund within short time frame for sponsor to close, providing enough time for building lease-up. JLJ Capital will be taken out by additional LP equity investments.
The sponsor is President and CEO of a leading NYC based real estate firm, whose executive team has experience in direct purchase, financing, development, asset management and sale of over $5 billion in commercial property assets and an impressive track record in partnering and co-investing equity with prestigious financial institutions and private investors. The sponsor is an accomplished industry leader whose companies have brokered the purchase and sale of over $7 billion of real estate assets, the management of over 5 million square feet of real property and the purchase and ownership of over $200 million of assets for his own account and that of his co-investment partners.
