$57,500,000 Permanent Financing
Altman Warwick arranged a long-term, self-amortizing loan on 300 George Street in New Haven CT. The developer converted a largely vacant 520,000 square foot class “B” office building into a state-of-the art bio-science laboratory / office facility. Located adjacent to Yale University Medical School, the majority of the building was completely renovated and leased by Yale or Yale-related life science tenants, along with New Haven Hospital. At the time of the financing, the Yale leases which expired within a 10-year time horizon. The challenge was to convince lenders of the university’s long term commitment to the subject property in absence of long-term leases. This was especially challenging in the context of the weak fundamentals of the New Haven market. The size of the subject, relative to the total G.L.A of the New Haven CBD office market, created a potentially large overhang of vacant, hyper-improved lab/office space.