Greenbrook Executive Center at 100 Passaic Ave. in Fairfield — Courtesy: HFF
By Joshua Burd
A longtime partner in a Fairfield office building has assumed full ownership, thanks in part to more than $27 million in financing arranged by brokers with HFF.
The capital markets firm announced Tuesday that it represented the borrower, Accordia Realty Ventures, in sourcing the loan for Greenbrook Executive Center. Accordia will use the financing to recapitalize the 203,028-square-foot property at 100 Passaic Ave. and buy out its institutional equity partner, Guggenheim Real Estate.
HFF Senior Managing Director Jim Cadranell and Director Matthew Pizzolato led the debt placement team, noting that the joint venture has owned the asset since 2006. The financing included a $22.425 million, 10-year securitized loan with Silverpeak Argentic and a $4.575 million, 10-year mezzanine loan with Morrison Street Capital.
“Having our headquarters at Greenbrook, it was important to us to maintain ownership of the property,” said Jason Bogart, principal at Accordia. “We were under a very short and rigid time frame to accomplish the sale. The HFF team did an extraordinary job of coordinating a very complex transaction allowing us to close on time.”
Greenbrook Executive Center is a three-story, Class A office building located less than two miles from the Willowbrook Mall and Interstate 80 and Route 46. Accordia has invested several million dollars into the property since taking ownership in 2006.
“We were happy to be a part of this transaction and provide Accordia with a creative, all-debt solution that allowed them to buy out their equity partner and retain full ownership of the asset,” Pizzolato said. “Accordia has been headquartered at the property since they purchased the asset in 2006 and we knew how important this transaction was for them.
“Silverpeak and Morrison Street stepped up to the plate and provided excellent terms and a seamless execution.”
