Boston, MA, March 31, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has provided financing to an affiliate of Griffith Properties, LLC in its acquisition of two leased office properties in Taunton, Massachusetts.
NewStar, as sole lender, provided a non-recourse first mortgage loan of $6,850,000 to acquire the property and provide future borrowing capacity for costs related to bringing new tenants into the property. The buildings financed by NewStar are located in the Myles Standish Industrial Park in Taunton. 440 Myles Standish Boulevard is a 32,300 square-foot office and warehouse building leased to Comcast Corporation and consists of a 42,500 square-foot office building leased to Princess House, Inc.
"The NewStar approach is to listen to our clients needs, provide them with options, and then deliver for them in a timely manner," said Tim Conway, Chief Executive Officer of NewStar. "Our expertise, industry relationships and hard work continue to pay off for our clients."
NewStar's deal team for the transaction included Dan Adkinson, Tristan Pierce and Gabriel Pozo.
Griffith Properties, based in Boston, is an investment management firm with investments in enhanced core and value-added office, R&D and industrial assets in the markets between Boston and Washington, DC. The financing was arranged by Goedecke & Company, who will service the loan on behalf of NewStar.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations