Suburban NYC Development Lands $32M in Construction Financing
The project will include housing for a mix of income levels.
3650 Capital has provided a $32 million mezzanine loan to TR Broad II, LLC, an affiliate of F. D. Rich Company, for the ground-up construction of The Coastline, a 198-unit multifamily community taking shape in Stamford, Conn. Named after its proximity to the Long Island Sound, the development will bring a mix of market-rate and affordable apartments to the city.
Senior Managing Director Ari Schwartzbard of Newmark arranged the loan from 3650.
Completion of The Coastline is slated for 2027. Perkins Eastman is designing the project, and KL Masters Construction is acting as the general contractor. Of the 198 units, 181 will be market-rate and the remaining 17 will be designated as affordable housing. Also included in the design is 4,500 square feet of ground-floor retail space and 208 parking spaces.
The community itself will offer its residents access to amenities including a rooftop deck with an outdoor shower, fitness center, swimming pool, an an indoor and outdoor resident lounge alongside bike storage and a bocce court. The property will also have a dog run and pet spa on site.
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In addition to the $32 million provided from 3650’s Real Estate Credit Solutions platform, Bank OZK provided the project with $59 million Commercial Observer first reported. This brings the total capital to $91 million for the project.
Located at 130 Broad Street, The Coastline will be located in the heart of downtown Stamford. The community will also be situated approximately six minutes from the train station which has Metro-North and Amtrak service, the Stamford train station is also a 40-some minute ride to Grand Central Terminal in Manhattan.
More multifamily activity in the Stamford area
As multifamily real estate in New York City becomes more difficult and costly to build, developers are expanding their portfolios into the commuter town and its surrounding areas. In April, Toll Brothers Apartment Living expanded into Connecticut with its development of Julius, a 356-unit luxury community located at 777 Summer Street in Stamford.
Earlier this summer, Bedford Realty invested in the neighboring town of Greenwich, Conn., The company purchased Putman Green, a 66-unit market-rate community from PIC Associates for $20.7 million. This transaction was the largest multifamily deal in Greenwich in over 10 years.
