Downtown Stamford will continue to grow its luxury residential offerings with the recent announcement that $51.3 million in financing has been secured for the development of Park Square West Phase IV, a 209-unit luxury high-rise apartment building on Washington Boulevard.
According to the announcement by CBRE Capital Markets, the groups debt and structured finance team has 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.
The loan was facilitated by Mark Fisher and Alex Furnary of CBRE”™s Midtown Manhattan office and financing was provided by Citizens Bank.
“This was a complicated transaction involving many moving parts,” said Fisher, Senior Vice President for 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 Stamford after its successful completion of 66 Summer Street, a 15-story, 209-unit building completed in May 2015.
“Part of our success in financing both 66 Summer and the Park Square West Phase IV projects was 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 Boulevard, Park West Phase IV will provide residents with a luxury 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 upper floor units will provide views of Long Island Sound. All units will boast high-end finishes.
“We believe location is the building”™s biggest amenity,” Fisher said. “You are literally within walking distance of everything.”
