$31.35M financing arranged for Class A office property in Shelton, Connecticut

MORRISTOWN, NJ, Apr. 6, 2022 – JLL Capital Markets announced today that it has arranged $31.35 million in financing for 27 and 35 Waterview Drive in Shelton, a four-story, Class A office building totaling 310,094 square feet in Shelton, Connecticut.

JLL represented the borrower, BDP Holdings, in securing the 10-year, full-term, interest only, fixed-rate loan with Ladder Capital Finance LLC for its acquisition of the property.

The 22.7-acre site at 27 and 35 Waterview Dr., overlooks the Housatonic River and Long Island Sound in Shelton, a community in Fairfield County. Shelton is an upscale community offering a variety of restaurants, shopping centers, hospitality options and recreation facilities. The Pitney Bowes-leased property has convenient access to Interstates 95 and 84, the Merritt Parkway and Route 8 providing access to Stamford, which is approximately 32 miles south and New York City, which is about 60 miles south. In addition, the property is close to the Derby/Shelton Metro North train station providing north/south rail service.

The building at 27 and 35 Waterview Dr. is fully leased to Pitney Bowes, a global technology company. The building offers office plus warehouse and engineering space featuring nine loading docks and clear heights as high as 35’. On-site amenities include a fitness center, full-service cafeteria, medical clinic and outdoor amenity space with seating areas.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Ryan Carroll.

“JLL is pleased to have represented BDP Holdings in this transaction,” said Klein.  “Ladder Capital was able to quickly get their arms around the deal, provide a structure that best met the borrower’s needs and was able to close within an accelerated time frame.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

BDP Holdings is a New Jersey based real estate investment company specializing in the acquisition, development and repositioning of real estate in the New York Tri-State area and select markets throughout the United States. The firm’s leadership has over 25 years of experience investing in over $6.5 billion of value-driven real estate in more than 30 states.

Ladder Capital Corp (NYSE: LADR) is an internally managed real estate investment trust that is a leader in commercial real estate finance. With over $5.9 billion of assets as of December 31,2021, Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the Company’s Chief Executive Officer, Ladder is headquartered in New York City with regional offices in Miami, Florida and Santa Monica, California.