Bank OZK, 3650 Capital Loan $91M for Connecticut Multifamily Property

An affiliate of development firm F.D. Rich Company has secured $91 million in construction financing to build the Coastline, a 198-unit multifamily property in Stamford, Conn., Commercial Observer can first report. 

Bank OZK provided a $59 million senior loan, while 3650 Capital — using the firm’s Real Estate Credit Solutions platform — originated $32 million in mezzanine financing. No broker was listed on the transaction. 

In a statement, Jonathan Roth, 3650 Capital co-founder and managing partner, described the Coastline as a property that carries “outsized potential,” and described the Downtown Stamford submarket as one benefiting from a lack of new supply, recent population growth, and strong household income levels.  

“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,” said Roth. 

Located at 130 Broad Street in Downtown Stamford, a city just 40 miles north of Manhattan and set along the shoreline of the Long Island Sound, the Coastline will stand 13 stories tall and encompass 181 market-rate and 17 below-market-rate apartments. 

The building will also hold 4,500 square feet of ground-floor retail space and a three-level parking facility containing 208 spaces. Other amenities include a pool, an outdoor lounge, a dog run and dog spa, a fitness center, a children’s play area, an event space, conference rooms, and a bocce ball court. 

The property is a five-minute drive from the Stamford Transportation Center, which connects to Manhattan’s Grand Central Terminal and Amtrak lines that run up and down the East Coast. 

Thomas L. Rich, president of the F.D. Rich Company, which is based in Stamford and has been a longtime investor and developer in the submarket, said in a statement that the city has benefited from five decades of urban renewal, largely because of its proximity to New York and ability to attract companies in the financial services, health care, and corporate headquarters space. 

“Downtown Stamford offers a favorable environment for this property to capture demand from young professionals and commuters seeking quality rental housing, superior amenities and transit connectivity,” he added. 

The Coastline is expected to be completed in summer 2027.

Brian Pascus can be reached at bpascus@commercialobserver.com