**3650 Capital Issues $32M Mezzanine Loan for Stamford Multifamily Development**
3650 Capital has originated a $32 million mezzanine loan to support the ground-up development of The Coastline, a Class A, 198-unit multifamily project located at 130 Broad Street in Stamford, Connecticut. The project is expected to be completed by the summer of 2027 and is also being backed by a $59 million senior loan from Bank OZK.
The financing was made through 3650 Capital’s Real Estate Credit Solutions platform and was provided to TR Broad II, LLC — a partnership affiliated with the locally based developer F. D. Rich Company. The transaction was arranged by Ari Schwartzbard, senior managing director at Newmark.
“We continue to see strategic opportunities to deploy capital for ground-up multifamily construction in select submarkets such as Downtown Stamford, which exhibits limited new supply, strong recent population growth and high household incomes,” said Jonathan Roth, co-founder and managing partner of 3650 Capital.
The Coastline will be a 13-story building comprising 181 market-rate apartments and 17 below-market-rate units.
For those interested in connecting with key stakeholders in the multifamily space — including owners, investors, developers, brokers, and lenders — don’t miss the upcoming one-day multifamily conference on September 11 in Los Angeles. The event promises high-level networking, insight-sharing, and relationship-building designed to drive deals in the multifamily market.
Image caption: Rendering of The Coastline apartments, Stamford, CT.
