Stamford Harbor Park, Stamford, CT

Stamford Harbor Park | Stamford, CT

In May 2007, Brickman originated a floating mezzanine note for the purchase of Stamford Harbor Park. The office park is a 403,778 square foot, class A office complex located on the waterfront in Stamford, CT. It consists of two, eight-story office towers attached by a two-story atrium as well as a 938 space parking garage. Brickman funded the mezzanine loan primarily based on the strength of the sponsorship, the quality of the asset and the projected returns. The firm projected the building to effectively compete for large tenants in the market given the relatively low basis.

In June 2009, Starwood Hospitality announced its plans to relocate its main offices. In anticipation of the impending vacancy at the property, the previous ownership sought to immediately secure Starwood (270,000 SF) as a tenant in the Building and pursued a restructuring of the existing senior loan and Brickman's mezzanine loan to fund the direct and indirect costs of Starwood's occupancy. The restructuring involves a $33.5 million new mezzanine loan to be provided jointly by Brickman and various capital partners.

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