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Real estate finance company closes on $94M loan

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- (COMMERCIAL MORTGAGE CAPITAL)

A Livingston-based real estate finance firm announced Monday that it has closed on a $94 million permanent loan for an office building in Connecticut.

Commercial Mortgage Capital, which arranges permanent, construction and mezzanine loans for commercial properties, said in a news release it had worked out the deal for the 365,866-square-foot i.Park Norwalk building, located on a 30-acre campus in Norwalk, Connecticut.

 “The property boasts a phenomenal roster of long-term, credit tenants,” Mark Scott, founder and president of Commercial Mortgage Capital, said in the release. “We were able to secure a favorable rate for our client and have seen a substantial upswing in the market – particularly for well-located office, multifamily and industrial assets. We expect transaction volume to continue growing at a favorable pace as we move further into 2014.”

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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