Barings, Counterpointe SRE Lend $165M on Connecticut Mixed-Use Project
By Andrew Coen July 8, 2024 3:28 pm
reprints
Baywater Properties has nabbed $165 million of construction financing to complete a mixed-use project in Connecitcut’s Fairfield County, Commercial Observer can first report.
Barings provided a $102 million senior construction loan and Counterpointe Sustainable Real Estate supplied $63 million of Commercial Property Assessed Clean Energy (C-PACE) financing to fund the second phase of Baywater’s The Corbin District project in Darien, Conn.
JLL (JLL) arranged the transaction with a capital markets team led by Michael Gigliotti, Evan Pariser and Robert Tonnessen. The deal marks the largest ever C-PACE financing in the state of Connecticut, according to JLL.
“There has been an exceptional amount of time and effort poured into this project to get us to this point,” Gigliotti said in a statement. “The collaboration between the developers, the Town of Darien, the lenders, the tenants, the construction team, and all others that have had a hand in creating this vision should be a case study for what transformative developments should be.”
Located just off of Interstate 95 around 40 miles north of Manhattan, the 7-acre downtown development when completed will feature 78,810 square feet of retail space, 105,968 square feet for offices and 112 apartment units. The second phase of the project is slated for completion in summer 2026.
Baywater has achieved 80 percent pre-leasing for the office portion of the project, including financial services company Janney Montgomery Scott, according to JLL. Office leasing for The Corbin District is led by JLL’s Ed Tonnessen and Betsy Buckley.
“The market’s reaction to the project has been nothing short of amazing to witness,” David Genovese, CEO of Baywater Properties, said in a statement. “We look forward to bringing The Corbin District, and Downtown Darien, to new life and vibrancy.”
Ryan Naumes, managing director with Barings, said in a statement that the firm is “excited” to work toward “transforming Downtown Darien for the better.
Representatives for Counterpointe did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
