CIT Provides $36M in Construction Debt on Stamford Rental Building

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CIT Bank has provided $35.9 million to a joint venture between Fields Grade Development and Alpine Residential to finance the construction of an apartment building on Canal Street in the Harbor Point area south of downtown Stamford, the bank announced yesterday. 

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The senior secured construction loan will help facilitate the joint venture’s construction of a 183-unit building that’s just a few blocks away from Stamford’s Metro North railway station.

Rob Caulfield, one of two brothers, alongside James Caulfield, that heads up Hoboken, N.J.-based developer Fields, said in a prepared statement that the building will have ground-floor retail space and a range of amenities, adding that CIT was able to develop “the right financing package while overcoming the challenges of doing business during the COVID-19 pandemic.”

“This project is a great fit for our portfolio of projects in major metropolitan areas,” Chris Niederpruem, a managing director and the group head for CIT’s real estate finance division, said in prepared remarks, adding that his group is was happy to establish a relationship with the joint venture, who, he said, are “confident will be an attractive residential property for the long term.”