JLL Arranges $97.5M Financing for Stamford Mixed-use Project
Loan proceeds will fund construction of the second phase of RXR’s Atlantic Station development
NEW YORK, September 30, 2019 – JLL announced today that it has arranged $97.5 million in financing for the development of the second phase of Atlantic Station, a luxury mixed-use residential and retail property in downtown Stamford, Connecticut.
JLL worked exclusively on behalf of the developer, RXR Realty, to secure the floating-rate construction loan through Bank OZK. The development of the second phase of Atlantic Station follows the success of the first phase, which consists of 325 luxury rental units along with 321 on-site, structured parking spaces and 16,000 square feet of retail. The first phase was delivered in January 2018 and experienced strong leasing velocity due to heavy demand for luxury rental units in the area.
The 26-story second phase of the Atlantic Station project will consist of 325 condo-quality units, approximately 48,000 square feet of retail and a 534-space structured parking garage. The retail component is 100% pre-leased to three tenants: The Learning Experience, Work Well Win and Dogtopia. In addition to the sweeping views and brand-new construction, the amenity package for Phase II includes a 24-hour staffed lobby, a fitness center with floor-to-ceiling glass, resident lounge, outdoor landscaped deck and an elevated swimming pool deck. Units will feature nine-foot ceilings, balconies, hardwood floors, stainless steel appliances, stone countertops, and in-unit washers and dryers. Atlantic Station Phase I and Phase II are located at 355 Atlantic Street and 405 Atlantic Street, respectively. The development is within walking distance to the Stamford Transportation Center, which provides access to New York’s Grand Central Station within 45 minutes via the Metro-North Railroad as well as Amtrak and ConnDOT for connectivity to regional destinations such as New Haven, Boston, Washington, D.C. and New Jersey. In addition, the development is within a half mile of Interstate 95 and near a Harbor Trolley stop for local transportation. Completion is expected in 2021.
The JLL Capital Markets team representing RXR Realty included Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti and Director Scott Findlay.
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 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About RXR Realty
RXR Realty LLC (“RXR”), is a New York-based, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including distressed investments, uncovering value in complex transactions, structured finance investments and real estate development. RXR’s core growth strategy is focused on New York City and the surrounding region. The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 24.5 million square feet of commercial operating properties and approximately 6,300 multi-family and for-sale units in various stages of development in the New York Metropolitan area.