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Bank OZK provides $75.5M for Fairfield County office-to-resi conversion
The $32 million JV equity and 286-unit plan will convert two eight-story buildings in Norwalk into one apartment complex with amenities including coworking and an outdoor pool deck.
A joint venture between Saber-Hightower and Granoff Real Estate has secured $75.5 million in construction financing from Bank OZK for an office-to-residential conversion in Norwalk, Connecticut, covering two eight-story properties at 101 and 201 Merritt 7.
Commercial Observer reports the project is part of the six-building Merritt 7 Corporate Park, about 10 miles northeast of Downtown Stamford and within a short walk of the Merritt 7 Metro-North train station. The development team also lined up $32 million of JV equity from an undisclosed family office.
The two buildings will be combined into a single apartment complex under the 286-unit M7 Lofts development, with amenities planned to include a fitness center, coworking space, and an outdoor pool deck.
Greystone Capital Advisors negotiated the financing, and its president, Drew Fletcher, said in a statement the deal required a financing strategy aligned with the sponsors long-term plan. Saber-Hightower managing principal Marty Berger added that the buildings are positioned to serve Fairfield County better as housing than as office space, citing the site’s existing infrastructure and proximity to transit.