$68M construction loan for Canfield Park in Black Rock, CT
JLL Capital Markets secured the loan for the 300-unit luxury apartments
NEW YORK, November 19, 2020 — JLL Capital Markets announced today that it has arranged a $68 million construction loan for Canfield Park at Fairfield Metro, a 300-unit luxury multi-housing property in the Black Rock neighborhood of Bridgeport, Connecticut.
JLL worked on behalf of the borrowers, a joint partnership between Spinnaker Real Estate Partners, LLC and Eastpointe, LLC, to secure the loan through Sculptor Real Estate. Construction on the property is slated to begin this fall and expected to be completed in 2022.
The development comprises two mid-rise five- and six-story apartment buildings including studio, one- and two-bedroom units, averaging 850 square feet. The property also offers over 20,000 square feet of amenity space and a parking garage with 500 parking spots for residents.
Canfield Park is located directly across from the Fairfield Metro North Train Station on the Fairfield/Bridgeport line and less than half a mile away from Interstate 95, allowing ready access to transportation for residents. The property is also a five-minute walk to Black Rock’s shopping district with its diverse collection of restaurants, bars and retail shops.
“This project will be highly attractive to families transitioning to a more suburban lifestyle, as well as to empty nesters downsizing from large single-family homes to modern rental properties,” said Rotchford. “The Bridgeport market has seen a large influx of New York City residents since the beginning of the COVID-19 crisis, and this property is well positioned to benefit from the shift in renter preferences.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sculptor Real Estate
Sculptor Real Estate was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. Sculptor Real Estate has invested in over $14.5 billion of real estate assets across 24 different real estate-related asset classes, including direct equity investments, preferred equity structures, senior loans, mezzanine loans, ground leases and other credit investments. For more information, please visit Sculptor Capital’s website (www.sculptor.com).