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Merritt 7 office buildings in Norwalk approved for 286-unit conversion
CBRE completed the sale of two Class A office properties totaling 511,318 square feet and Bank OZK is providing a $75.5 million senior construction loan for the redevelopment.
CBRE completed the sale of two Class A office buildings, 101 and 201 Merritt 7, in Norwalk, Connecticut, totaling 511,318 square feet, according to ConnectCRE.
The seller, Merritt 7 Venture LLC, handled the transaction on behalf of the property owners, while a joint venture of Saber-Hightower LLC, Granoff Real Estate and Wind River Holdings plans to convert the buildings into M7 Lofts, a 286-unit luxury apartment community with more than 55,000 square feet of amenity space.
Bank OZK provided a $75.5 million senior construction loan to support the conversion. The redevelopment comes amid Norwalk’s 2023 comprehensive rezoning, which allows as-of-right residential density of up to 564 units at the site, though the current plan calls for 286 loft-style units.
CBRE said its team represented the seller and procured the purchaser, including Vice chairman Jeffrey Dunne, first VP Eric Apfel, investment sales director Travis Langer, and senior financial analyst Eric Greenberg.