Stamford Project Developers Line Up Financing

(To read more on the multifamily market, click here.)

(To read more on the debt and equity markets, click here.)

STAMFORD, CT-The developers of the proposed Adams Mill River House have lined up approximately $20.6 million in site acquisition and construction financing for the proposed Adams Mill River House condominium development here. Hannah Real Estate Investors and Stillwater Investment Management secured $3.6 million in site acquisition financing from Citibank’s Community Development Group and are working on finalizing a $17-million construction finance package with Citibank.

The proposed 52-unit luxury condominium is to be built at 17-31 Adams Ave. It’s the sister project of the 92-unit Mill River House development, which is currently under construction. A spokesman for Hannah Real Estate said that only five units at the Mill River House are unsold and that a topping out ceremony for that project is expected sometime next month. Citibank provided $25 million of acquisition and construction financing to the Hannah-Stillwater partnership for the Mill River House project. Prices for the units have ranged between $375,000 to $500,000.

The joint venture has submitted plans for the Adams Mill project to the planning and zoning agencies of the city. Hannah officials said that they hope construction can begin this fall with initial occupancy scheduled for the fall of next year.

The development will feature 43 two-bedroom, seven three-bedroom and two one-bedroom units in a four-and-a-half story building constructed over covered parking. Prices of the units will start at $330,000. Six of the apartments will be designated as affordable units.

Seth G. Weinstein, principal of Hannah, says his firm’s vision in developing Adams Mill River House is “to continue making Stamford a more pedestrian-friendly city and to provide Downtown Stamford with for-sale market-rate and affordable units making homeownership increasingly attractive.”