344 Unit Apartment Complex
Axiom Capital Corporation arranged the closing of the $69,000,000 construction financing for a class A apartment complex located in downtown Stamford, CT. The 15% recourse loan was for 36 months, and demonstrated a 65.0% LTC.
The subject property will be a four and one-half-story building, consisting of 314,518 net rentable SF and will contain 344 apartments, 17,489 SF of retail and clubhouse space, and a two-story, 483 space parking garage.
The subject property is located within blocks of the North American headquarters of both UBS and the Royal Bank of Scotland, and is a short walk from the Stamford Metro North Station. Other major employers in the area include GE, Xerox, Reuters, Pitney Bowes, and Starwood Hotels and Resorts. The Stamford market is currently one of the strongest apartment markets in the nation.