STAMFORD – 3650 Capital, a nationwide alternative commercial real estate lender, special servicer and solutions provider, announced Sept. 3 it has originated a $32 million mezzanine loan to facilitate the ground-up construction of The Coastline.
The Class A, 198-unit multifamily property will reside at 130 Broad St. The project, slated to be completed in summer 2027, is located downtown.
The loan, originated by 3650’s Real Estate Credit Solutions platform, was made to TR Broad II, LLC, a partnership affiliated with the F. D. Rich Co., a Stamford-based developer. The 3650 Capital financing is in addition to a $59M senior loan provided by Bank OZK to fund ground-up development.
“We continue to see strategic opportunities to deploy capital for ground-up multifamily construction in select submarkets such as Downtown Stamford, which exhibits limited new supply, strong recent population growth and high household incomes,” said Jonathan Roth, 3650 Capital Co-Founder and Managing Partner. “3650’s team of real estate professionals looks at each transaction as a foundation to establish a long-term relationship with best-in-class borrowers while targeting projects with outsized potential like 130 Broad St.
“We believe the development, which is less than one block from the highly amenitized Bedford Street, is poised for great success and will offer Stamford residents an exciting new option to live in a downtown core with abundant dining, retail and entertainment options.”
The Coastline will rise 13 stories and include 181 market-rate and 17 below-market-rate apartments. The name of the building is a nod to Stamford’s maritime history and its prominent position on the Long Island Sound. The property will contain 4,500 square feet of ground-floor retail space and 208 surface and structured parking spaces across three levels. Select amenities will include a fourth-floor pool and outdoor lounge; a 14th-floor rooftop recreation deck with an outdoor shower and dog run; a state-of-the-art fitness center; a children’s play area; a tenant lounge and event space; multiple conference rooms; a bocce court; bike storage; and a dog spa.
The property is located near Bedford, Summer and Main streets. It sits directly across the street from Landmark Square, Macy’s and the Stamford Town Center Mall, and is also a short distance to The University of Connecticut’s Stamford campus.
“It was a pleasure working with the 3650 team to secure a creative financing package that will facilitate the development of The Coastline at 130 Broad St.,” Thomas L. Rich, President of the F. D. Rich Company, stated. “After a five-plus-decade urban renewal effort spearheaded by our company, Stamford continues to be a growing economic hub which thrives on the strength of its financial services, media, healthcare, corporate headquarters and real estate sectors.”
He added that Downtown Stamford offers a favorable environment for this property to attract young professionals and commuters seeking quality rental housing, superior amenities and transit connectivity.
The Coastline at 130 Broad Street, conceptualized by global design firm Perkins Eastman, will be constructed by KL Masters Construction Co., one of the region’s most reputable general contractors. The loan was arranged by Senior Managing Director Ari Schwartzbard of Newmark.
