Stamford, CT CBRE Capital Markets’ Debt & Structured Finance team has arranged a $51.3 million construction loan for the development of Park Square West Phase IV Apartments, a 209-unit, high-rise apartment building.
CBRE arranged the LIBOR-based, floating-rate construction loan on behalf of a joint venture between entities controlled by Trinity Financial and Berkshire Group. CBRE also arranged the joint venture between the two. Financing was provided by Citizens Bank.
The loan was facilitated by Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office.
“This was a complicated transaction involving many moving parts,” said Fisher, senior vice president, CBRE Capital Markets. “However, Trinity is a skilled, patient and experienced multifamily developer and in partnership with Berkshire, was able to pull it all together.”
The development is Trinity’s second project in the city after its successful completion of 66 Summer St.
“Part of our success in financing both 66 Summer and the Park Square West Phase IV projects were thanks to CBRE’s phenomenal knowledge of the market and its extensive network,” said Maixuan Phan, senior project manager for Trinity’s Stamford development.
Located at 1011 Washington Blvd., the building will be constructed of concrete, stone, steel and glass. The property will provide residents with an amenity package, including a roof deck lounge with fire pits, private indoor catering area, residents lounge, club room with kitchen, game room, yoga studio, screening room, children’s playroom and pet wash. Several of the units will offer views of the Mill River Park, while the upper floor units will provide views of the Long Island Sound. All units will high-end fit and finish.
“We believe location is the building’s biggest amenity. You are literally within walking distance of everything,” Fisher said.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.