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NYC Lender Funds $9-Mil Refinance of Elm Street Office Building

NEW HAVEN, CT-Metropolitan Funding Corp. reports that it has closed a $9-million refinancing transaction for 59 Elm St., a 107,000 sf office building here.

By John Jordan | Updated on January 29, 2001

NEW HAVEN, CT-The ownership of 59 Elm St. in New Haven has secured $9 million in mortgage refinancing for its 107,000-sf office building that enabled it to purchase a parking lot across the street. Metropolitan Funding Corp., of New York City through its Direct Fund program, provided the funding.

The property was built in 1926 and is currently more than 96% occupied (exclusive of lower level space). The five-story office building was underwritten at a debt service coverage of 1.25%, for a 10-year term, payable on a 30- year amortization schedule. Average rents are in the $18.00 per sf range. The $9 million in loan proceeds represents 65% of value, according to Metropolitan Funding officials.

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