Stamford, CT ECB Capital Group closed on a $19 million first position loan to refinance 100 Prospect St. The building, formerly two, twin 4-story office buildings with First County Bank it’s major tenant, was mostly converted to residential nine years ago.
Current ownership purchased the property in August 2016 with 82 residential units and a vacant 4th floor of southern tower. Current owners got the zoning needed to add 12 new residential units. ECB closed this non-recourse loan with the 12 new units still under construction. The new loan at a fixed rate of 3.75% for a 10 year term retired the $14 million acquisition loan and allowed the loan with ownership to recoup almost its entire basis in the property to date.