Walker & Dunlop has arranged a $74.5 million loan to support the acquisition and redevelopment of The Caspian, a planned luxury residential project in Stamford, CT. The financing was arranged by the Walker & Dunlop Capital Markets Institutional Advisory team, with Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella and Stanley Cayre leading the assignment. An affiliate of Apollo Global Management provided the loan on behalf of Sun Homes and Hudson Bay Capital.
The Caspian is located at 68-70 Seaview Ave. and is planned as a conversion of an existing seven-story, 241,000-square-foot waterfront office building. The project is designed to deliver 63 luxury condominium residences, including a mix of one-, two- and three-bedroom homes as well as townhome-style units. The redevelopment will reposition the property from its prior office use into a for-sale residential community on the waterfront.
Planned resident amenities at The Caspian include a grand lobby and a collection of indoor and outdoor amenity spaces intended to activate the building and its waterfront setting. Select homes will feature private rooftop terraces, and the property will offer a 57-slip marina along with structured parking, underscoring its position as a lifestyle-focused waterfront development.
In describing the market context, Jonathan Schwartz noted that Fairfield and Westchester counties continue to face limited supply of residential product, particularly new waterfront offerings. He cited constraints on developable shoreline and complex entitlement processes as key factors limiting new inventory. Within that backdrop, The Caspian is being positioned as a best-in-class luxury option in what he characterized as one of the region’s most desirable waterfront locations.
Sun Homes and Hudson Bay Capital are using the new financing to acquire and redevelop the site, while Walker & Dunlop and Apollo Global Management are working with the sponsors to advance the conversion of the existing building. The transaction highlights ongoing capital deployment into residential projects that repurpose existing office assets, particularly in markets where new waterfront housing is difficult to deliver due to physical and regulatory constraints.
