The FINANCIAL — Cushman & Wakefield announced on October 5 that it served as the exclusive advisor to a joint venture between Gottesman Real Estate Partners, ClearRock Properties and Mountain Development Corporation in arranging a $23 million senior mortgage loan for the acquisition of 700 & 850 Canal Street in Stamford, Conn. The 11-year financing was provided by Guggenheim Commercial Real Estate Finance.
Located in the emerging South End section of Stamford, Conn, the property totals 157,310 rentable square feet and is currently 80.2% leased. 700 & 850 Canal Street fronts on the newly upgraded Canal Street, which is directly connected to the new four-lane Urban Transit Way. The property is visible from Exits 7 and 8 of I-95, is less than a 10 minute walk to the Stamford Transportation Center, and is served by an exclusive shuttle bus during rush hours. In addition, the Harbor Point Trolley provides complimentary shuttle service from South End to downtown Stamford, according to Cushman & Wakefield.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, John Alascio, Mark Ehlinger and Sridhar Vankayala, served as exclusive advisors on the transaction.
“Lenders were attracted to the property’s strategic location within the emerging South End section of Stamford and the high-quality sponsorship,” said Mr. Alascio, a Cushman & Wakefield Managing Director.