ACRES Capital Corp. has originated an approximately $33 million loan to fund the conversion of 1 Atlantic St., the nearly 94,000-square-foot mixed-use office and retail property in Stamford, into a 77-unit multifamily building with ground-floor retail.
The loan, provided to local real estate private equity firm Stone Harbour Capital, carries a term of 36 months.
As previously reported, among the current tenants at the eight-story and three-story structures at 1 Atlantic St. are Bank of America, Pacific Basin Shipping and financial planning firms Quarve Associates and River Oak Investment Corp.
As those leases expire, property owner SH Atlantic LLC plans to convert the spaces into 19 studio, 40 one-bedroom and 18 two-bedroom apartments, with a tentative completion date of 2022.
“One Atlantic has enormous potential for a repositioning, as its prime, downtown Stamford location makes it perfectly suited for a multifamily conversion,” said ACRES Managing Partner, Originations Marty Reasoner.
Stone Harbour Principal Rick Aurilio said that Reasoner and his team “quickly understood the complexities associated with the conversion process and stepped up to deliver a customized loan package ideally suited to meet the project’s objectives.”