Sound Point and Aflac lend $ 42 million for Greenwich Office refinancing – Business Observer

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Acram Group and its subsidiary Framework sealed a $ 41.5 million debt package to refinance an office asset in Greenwich, Connecticut, Commercial Observer may first report.

Sound Point capital management from Aflac Global Investments provided the five-year and five-year variable rate loan for 411 Putnam Avenue, a 103,060 square foot office building. The deal follows Sound Point’s $ 1.5 billion contribution to the company’s new fund focused on commercial real estate loans under a new Partnership announced in February.

A Cushman and Wakefield equipped with Gideon Gil, Lauren Kaufman and Sebastien sanchez represented Acram and Cadre, a technology-driven real estate investment manager. C&W co-negotiated the transaction with Mission capital advisers.

“This transaction represented an exceptional opportunity for lenders, given the sponsorship profile, long-term leases and strong sub-market fundamentals,” Gil said in a statement. “Sound Point Capital offered attractive financing terms and a flexible structure that fit perfectly into our client’s business plan.

Built in 1973 and remodeled in 1996, the office complex at 411 Putnam Avenue features a lobby inspired by the Manhattan neighborhood. Modern Art Museum. The building is 92 percent leased to eight tenants with a weighted average lease term of nearly six years, according to C&W. Primary tenants include Controlling capital management and DSW.

“Sound Point was delighted to provide a creative financing solution that will allow the seasoned sponsor to reposition this high quality office building,” Matthieu donnelly, head of CRE creation at Sound Point, said in a statement.

Representatives for the Acram Group did not immediately respond to the comments.

Andrew Coen can be contacted at [email protected]


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