Spinnaker JV secures $ 68 million multi-family construction loan

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JLL Capital Markets has arranged a $ 68 million construction loan for Canfield Park at Fairfield Metro, a 300-unit luxury multi-unit property in the Black Rock neighborhood of Bridgeport, Connecticut.

JLL worked on behalf of the borrowers, a partnership between Spinnaker Real Estate Partners, LLC and Eastpointe, LLC, to secure the loan through Sculptor Real Estate.

Construction on the property is expected to begin this fall and is expected to be completed in 2022.

The development consists of two mid-rise five- and six-story apartment buildings, including studios, one and two bedroom units, averaging 850 square feet. The property also offers over 20,000 s / f of amenity space and a parking garage with 500 parking spaces for residents.

Canfield Park is located directly across from Fairfield Metro North Station on the Fairfield / Bridgeport line and less than half a mile from Interstate 95, allowing easy transportation access for residents. The property is also a five-minute walk from the Black Rock shopping district with its diverse collection of restaurants, bars, and retail stores.

PIERRE ROTCHFORD

The JLL Capital Markets team representing borrowers was led by Senior Managing Director Christopher Peck, Senior Managing Director Peter Rotchford, Vice President Kristen Knapp and Analyst Rob Root.

“This project will be very appealing to families transitioning to a more suburban lifestyle, as well as empty nests moving from large single-family homes to modern rental properties,” Rotchford said. “The Bridgeport market has seen a significant influx of New York City residents since the onset of the COVID-19 crisis, and this property is well positioned to benefit from changing tenant preferences. “

Rendered high via Sullivan Architectural Group

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