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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Advises on $50.75 Million Construction
Loan for Development of 300,000-SF Building
Firm Retained to Market Development for Permanent Forward Financing
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Wednesday, October 25, 2006
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New York, NY
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Sonnenblick Goldman, acting as a financial advisor to Workstage CT, LLC, has successfully completed a $50.75 million construction loan for the development of a 300,000-sf office building in Wallingford, Conn. The construction financing was provided by Key Bank. Sonnenblick Goldman has been further retained by Workstage, LLC, to arrange permanent twelve-month forward financing.
Workstage CT, LLC, is a “green” development company owned by an affiliate of Gale International, Steelcase, Inc (NYSE: SCS) and Workstage’s existing management. Workstage CT, LLC, is a joint venture between the The Hampshire Companies of Morristown, NJ, and Workstage, LLC.
The building will be wholly occupied by Mortgage Lenders Network (MLN), one of the nation’s leading sub-prime residential mortgage lenders. MLN has signed a lease to occupy the entire building for 20 years.
“We are very pleased to complete the first stage of this project, which allows Workstage CT to develop what will be a very attractive property with a very strong and expanding tenant,” said Dave Karson, director at Sonnenblick Goldman. “We have a long-term NNN lease from a strong tenant in an extremely adaptable and efficient building. This is a great opportunity for the owner to lock in debt at today’s low interest rates and own a best-in-class building on a beautiful corporate campus.”
MLN is consolidating its east coast operations into the new facility, and the building will house at least 1,400 employees and will serve as its national headquarters. MLN is quickly becoming a dominant player in their space, with loan volumes averaging more than $15 billion a year.
The LEED-Certified building will be designed with eco-friendly materials, allowing for a healthier and more enjoyable working environment. Design elements will include steel-framed masonry, concrete encasements and a glass-curtain wall.
“The technology that Workstage employs in building their office product is remarkably well thought out and user friendly,” continued Karson. “The firm has spent an enormous amount of time and capital understanding what constitutes a positive and comfortable workspace, and it is immediately evident when walking through any one of their properties.” Including this and other projects in development, Workstage has been involved in 36 projects across the country.
Construction of the building has already begun and delivery is expected in September, 2007.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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