Local developer F.D. Rich Company struck it big with a financing package in downtown Stamford.
The Connecticut-based company scored $91 million in construction financing for the Coastline at 130 Broad Street, the Commercial Observer reported. The 198-unit complex is expected to be completed by summer 2027.
Bank OZK led the financing with a $59 million senior loan. The Real Estate Credits Solutions platform of 3650 Capital came in with the remaining $32 million mezzanine financing. No broker for the financing was disclosed.
The 13-story project will consist largely of market-rate apartments, though there will also be 17 affordable units. There will be 4,500 square feet of ground-floor retail space and a three-level parking garage.
Residential amenities will include a pool, an outdoor lounge, a dog run and dog spa, a fitness center, a children’s play area, an event space, conference rooms and a bocce ball court
In a statement, 3650 Capital co-founder Jonathan Roth noted the submarket’s dearth of new supply, population growth and strong household income levels as potential benefits linked to the project.
“Downtown Stamford offers a favorable environment for this property to capture demand from young professionals and commuters seeking quality rental housing, superior amenities and transit connectivity,” F.D. Rich president Thomas Rich added in a statement.
F.D. Rich was founded more than a century ago and has been run by Thomas since 1996. Notable developments in Fairfield County have included a 115-room Courtyard by Marriott; the 35-story, 170-unit Park Tower Stamford condominium (née Trump Parc Stamford); the 22-story, 228-unit Summer House Stamford apartments; and the 129-unit Harbourside SoNo rental complex.
Arkansas-based Bank OZK is a frequent lender to the real estate industry. In February, it provided a $182 million loan to help fund the next phase of Gasworx, a 50-acre mixed-use development in the Ybor City area of Tampa, Florida.
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