20 Saugatuck Avenue, Westport, CT

James J. Houlihan and Andrew Greenspan of Houlihan-Parnes Realtors, LLC and GHP Office Realty LLC, are pleased to announce the placement of $2,700,000 of first mortgage financing on the Class-A mixed-use property located at 20 Saugatuck Avenue in Westport, Connecticut. Owned and operated by GHP Office Realty LLC, the 17,561 square foot building is fully leased and was acquired by the owners in 2014.

The loan was placed with a local bank for 10-year term with an interest-only rate of 5.42%. While we do live in a market with elevated interest rates, Houlihan-Parnes Realtors was able to negotiate beneficial terms should there be a shift in the market.

Since 2017, the property has been anchored by The Goddard School of Westport, comprising over 65% of the space. Several smaller tenants include RE/MAX, GAC Shipping USA, and Chirag Shah Consulting. The Borrower was represented by Elizabeth Smith and Cindy Albstein of Goldberg Weprin Finkel Goldstein, and Title Insurance was provided by Wayne Baird of First American Title Insurance Company.