ACRES Capital originated a $33 million loan to fund the conversion of One Atlantic, a historic, nearly 94,000-square-foot mixed-use office and retail property. The property will be a 77-unit multifamily building with ground-floor retail. The loan is provided to Stone Harbour Capital, a locally based real estate private equity firm with deep expertise in the Stamford market, and carries a term of 36 months.
Located at 1 Atlantic Street, One Atlantic sits directly adjacent to the University of Connecticut’s growing Stamford campus and is a walkable distance from Stamford Station.
The property will include:
The sponsors seek to create a unique Stamford dining and nightlife experience in the property’s basement space and are currently in talks with several prominent food hall managers and operating companies.
The multifamily market in Stamford’s Central Business District has enjoyed a significant uptick as many young professionals and others have elected to relocate from primary to secondary markets. Investment in Stamford has increased as this trend continues to take hold, making the area ripe for new developments and a blossoming multifamily market to meet demand.