STAMFORD, CT-Citizens Bank, a division of Royal Bank of Scotland, has provided $25 million in construction financing for the Metropolitan, a planned luxury condominium project to be located at 1515 Summer St. here.
The project, currently under construction, is being developed by Seth G. Weinstein, principal of Hannah Real Estate Investors, a locally based property development and investment company, and partners Paxton and Ray Kinol of Stillwater Investment Management and Summer Partners LLC.
The Metropolitan will involve the conversion of an empty 66,000-sf office building into 39 luxury condominium units. A total of 12 brick and stone townhomes will be built adjacent to the main building.
"We are grateful to Citizens Bank for providing the financing to bring to Stamford this most sophisticated living experience," Weinstein says. "It is wonderful to have a financial partner that shares our confidence and enthusiasm not only for the project, but also for this market."
Redevelopment of the Metropolitan began in July with condominium occupancy planned for early 2007. The New Homes Division of William Raveis Real Estate is handling sales. Prices range from $450,000 to $1.65 million for the duplex penthouse. Townhome prices begin around $700,000.
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