March 16, 2017
The undisclosed owner of Park Square West Apartments in Stamford, CT, obtained financing to the tune of $28 million to recapitalize and renovate the mixed-use commercial and residential property. Hunt Mortgage Group arranged for the 24-month floating rate loan, which includes three options to extend for an additional period of 12 months.
The residential component of the asset at 101 Summer St. is 92% occupied, while the commercial space is fully leased. The 143-unit residential area consists of studios, one, two and three-bedroom apartments.
“Since acquiring this property, the borrower has invested approximately $367,000 in a variety of capital improvements, including repainting the common areas, replacing common area carpeting, lighting and security upgrades, and interior renovations on eights units,” said Steven Cox with Hunt Mortgage Group. “The new loan was structured to include a $703,000 capital improvement reserve, which will go towards continued renovation and improvement of the property.”
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