Greystone Provides $34M Fannie Mae Loan
A New Jersey company acquired the 143-unit community. Park Square West offers 29 affordable units for renters earning 50 percent of the area median income.
After arranging the sale of a 162-unit senior housing property in Texas, Greystone has provided a $33.7 million Fannie Mae loan for the acquisition of Park Square West, a 143-unit community in Stamford, Conn. The company secured the 12-year fixed-rate with a five-year interest-only loan on behalf of a New Jersey-based firm which purchased the asset for $42 million. According to data provided by Yardi Matrix, the property last traded in 2016, when UC Funds paid $40 million for it, or $279,720 per unit.
Located at 101 Summer St., on approximately 1.3 acres, Park Square West features a mix of studios, one-, two- and three-bedroom unit ranging from 500 to 1,227 square feet. The community is in close proximity to various shopping, dining and entertainment venues including Target and Stamford Town Center.
Built in 2001, the five- and eight-story building offers in-unit amenities such as Wi-Fi, washer/dryer, storage units, air conditioning, granite countertops, stainless steel appliances and walk-in closets. Common-area amenities include:
- fitness center
- barbecue area
- game room
- rooftop sundeck
- shuttle service
The community includes 10,000 square feet of ground-floor retail space and 29 affordable units for renters earning 50 percent of the area median income. As of July, Park Square West was 93.7 percent occupied.
“The Stamford market is the quintessential live-work-play neighborhood, with every option for dining, shopping and entertainment available to residents of Park Square West within just a few blocks,” Dan Sacks of Greystone’s New York office said in a prepared statement. “With its central location, recent renovations, and affordability component, Park Square West is poised to be an in-demand property in the Stamford market for some time to come.”
Image courtesy of Yardi Matrix