RXR Realty has obtained $97.5 million in financing to develop the second phase of Atlantic Station, a luxury mixed-use project that will feature 325 rental units in downtown Stamford, Conn. JLL worked exclusively on behalf of RXR to secure the floating-rate construction loan through Bank OZK.
In addition to the residential units, the 26-story, glass-sheathed tower will provide 48,000 square feet of retail space and a 534-space structured parking garage. Located at 405 Atlantic St., the second phase began excavation and foundation work earlier this year and is slated for completion in 2021.
The building will complement Atlantic Station’s twin first phase at 355 Atlantic St., which RXR delivered in January 2018. Phase one has experienced strong leasing velocity, according to a statement by JLL, as the property has helped turn the office-dominated southern end of downtown into a residential neighborhood.
Downtown building boom
Units in phase two will feature 9-foot ceilings as well as balconies, hardwood floors and stone countertops. Community amenities will include a 24-hour staffed lobby, fitness center, swimming pool, resident lounge and outdoor landscaped deck. The property’s retail component is 100 percent pre-leased to child development center The Learning Experience, coworking space Work Well Win and dog daycare facility Dogtopia.
The development is a short walk to the Stamford Transportation Center, which provides train service to Manhattan in under an hour, and nearby Interstate 95. The site also neighbors 885 Washington Boulevard, where LMC is building the 414-unit high-rise community The Smyth. Just down the street, the upcoming 11-building Stamford Urby scheme will bring some 650 apartments to the downtown.
Stamford currently has 1,730 apartment units underway and another 2,700 units that have zoning board approval to start construction, according to a second-quarter report by the city government. The development boom caters to the city’s growing population and labor force, which added nearly 700 people year-on-year as of the second quarter.
The JLL Capital Markets team representing RXR in the Atlantic Station financing deal included Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti and Director Scott Findlay.