Bank OZK Provides $98M Loan for Phase 2 of RXR’s Atlantic Station
By Cathy Cunningham September 27, 2019 5:13 pm
reprints
RXR Realty has landed a $97.5 million construction loan for the second phase of Atlantic Station—the developer’s luxury mixed-use project in Downtown Stamford, Conn., Commercial Observer has learned.
Bank OZK provided the floating-rate loan in a transaction arranged by JLL’s Mike Tepedino, Michael Gigliotti and Scott Findlay.
Atlantic Station is a two-phase, 26-story luxury residential project at 355 Atlantic Street and 405 Atlantic Street, within walking distance from Stamford Transportation Center. 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.
The first phase — which consists of 325 luxury rental units, 16,000 square feet of retail and 321 parking spaces — was delivered in January 2018 and experienced strong leasing velocity due to heavy demand for luxury units in the area. ULLICO provided a $103 million permanent loan for Phase I in October 2018, as first reported by CO. The JLL team also arranged the construction financing for Phase I.
Phase II will comprise 325 luxury units, 48,000 square feet of retail and a 534-space parking garage. Its amenities are set to include a fitness center, a resident lounge, an outdoor landscaped deck and an elevated swimming pool deck.
RXR has already pre-leased the retail space in its entirety to child development center The Learning Experience, collaborative workspace Work Well Win and doggy daycare center Dogtopia.
“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 Phase I’s 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.”
Officials at Bank OZK declined to comment. A spokesperson for RXR did not immediately respond to a request for comment.
