New York & Tri-State + Fairfield/Westchester + Finance | June 24, 2020

Stamford Rentals Land Construction Loan

CIT Group Inc. provided a $35.9-million senior secured loan for construction of a new 183-unit apartment building in Stamford, CT. It’s being developed by a joint venture between Fields Grade Development and Alpine Residential.

“This financing helps advance our plan to construct an attractive multifamily residential building with ground-floor retail space and other associated amenities in a premier Stamford location,” said Rob Caulfield of Fields Grade Development.

Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said, “This project is a great fit for our portfolio of projects in major metropolitan areas. We are pleased to open a relationship with Fields Development and Alpine Residential in supporting this project, which we are confident will be an attractive residential property for the long term.”

The project is located on Canal Street in Stamford, within walking distance of several large employers and also nearby the Metro-North train station.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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