3650 Capital originated a $32-million mezzanine loan to facilitate the ground-up construction of The Coastline, a Class A, 198-unit multifamily property at 130 Broad St. in Stamford, CT. The project, slated for completion in summer 2027, is also being financed with a $59-million senior loan from Bank OZK.
The loan, originated by 3650’s Real Estate Credit Solutions platform, was made to TR Broad II, LLC, a partnership affiliated with the F. D. Rich Company, a Stamford-based developer. It was arranged by senior managing director Ari Schwartzbard of 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 3650 Capital co-founder and managing partner Jonathan Roth.
The Coastline will rise 13 stories and encompass 181 market-rate and 17 below-market-rate apartments.
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