Ullico Provides $103M Refi for RXR’s Atlantic Station Project
By Cathy Cunningham October 26, 2018 9:36 am
reprints
RXR Realty has scored a $103 million permanent loan for Phase I of its Atlantic Station project in Stamford, Conn., Commercial Observer has learned. The financing refinances previous construction debt on the property.
The long-term, fixed-rate loan was provided by Ullico, with Matthew Downs leading the team, sources said. Officials at Ullico declined to comment.
No brokers were involved in the deal, which marks RXR’s first transaction with the lender.
Atlantic Station is a two-phase luxury residential project located in Downtown Stamford. The project is part of RXR’s public/private partnership strategy to develop quality and affordable housing in transit-oriented developments within close proximity to Manhattan.
RXR opened the first phase—an all-glass, 26-story tower comprising 325 residential units and 20,520 square feet of retail—in April. The property offers panoramic views across Long Island Sound and to New York City.
“Atlantic Station, with a location just two blocks from the train station, is a building that will be attractive to everyone from young professionals to empty nesters,” RXR Chairman and CEO Scott Rechler said at the time of the opening. “We are proud to add Atlantic Station to our portfolio of well-placed, transit-oriented development projects that provide affordable and attractive living options in the many diverse and walkable communities across the New York region.”
Building amenities include 333 indoor parking spots, a heated indoor pool, a fitness center, a dog spa, a game and billiards room, a screening room, a chef’s kitchen and a 13,300-square-foot sky terrace with outdoor amenities. It is the first building in the state of Connecticut to offer Hello Alfred in-home concierge services.
Officials at RXR weren’t available for comment.
