Bridgeport luxury multifamily development secures $68M construction loan

The developers of a new luxury multifamily development in Bridgeport have secured a $68 million construction loan for the project.

Artist’s rendering of Canfield Park at Fairfield Metro, courtesy Live Oak Contracting.

Canfield Park at Fairfield Metro is being built on the 286 Canfield Ave. site of the Showcase Cinemas mulitplex, which was closed in February and sold in August for $7.75 million. Spinnaker Real Estate Partners and Eastpointe are developing the project, which will encompass 300 units spread across two residential buildings standing five and six stories, plus a 500-space parking garage.

The trade journal Commercial Observer reported Sculptor Real Estate, a fund vehicle managed by global asset manager Sculptor Capital Management, originated the loan. The first part of the new development is scheduled for completion in the first quarter of 2022.