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ACRES Funds Conversion of Stamford Offices to Apts.
ACRES Capital Corp. originated an approximately $33-million loan to fund the conversion of One Atlantic, an historic mixed-use office and retail property in Stamford, CT, into a 77-unit multifamily building with ground-floor retail. The loan was provided to locally-based Stone Harbour Capital, and carries a term of 36 months.
“One Atlantic has enormous potential for a repositioning, as its prime, downtown Stamford location makes it perfectly suited for a multifamily conversion,” said ACRES’ Marty Reasoner. “Stone Harbour’s strong sponsorship and local experience will ensure that One Atlantic can provide value to a variety of residents.”
Located at 1 Atlantic St., the 94,000-square-foot One Atlantic sits directly adjacent to the University of Connecticut’s Stamford campus and is a walkable distance from Stamford Station, which offers a 45-minute commute to Manhattan’s Grand Central Terminal. Its 200 windows and 150-foot by 60-foot floorplates make it suitable for its newly-purposed apartment units.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
