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Walker & Dunlop secures $74.5M loan for Stamford luxury conversion
The financing backs the redevelopment of a 241,000-square-foot waterfront office into 63 luxury condo units, including a marina and structured parking.
Walker & Dunlop has arranged a $74.5-million loan to fund the acquisition and redevelopment of The Caspian, a luxury project in Stamford, Connecticut, according to ConnectCRE.
The transaction is set to transform the existing seven-story, 241,000-square-foot waterfront office building at 68-70 Seaview Ave. into 63 luxury condominium residences, with a mix of one-, two-, and three-bedroom homes plus townhome residences.
ConnectCRE said the amenities are expected to include a grand lobby, indoor and outdoor amenity spaces, private rooftop terraces, a 57-slip marina, and structured parking.
The lender is described as an affiliate of Apollo Global Management, and the financing was arranged on behalf of Sun Homes and Hudson Bay Capital. Jonathan Schwartz, of Walker & Dunlop Capital Markets Institutional Advisory, said Fairfield and Westchester counties remain supply constrained for new waterfront housing, citing limited developable shoreline and complex entitlement processes.