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Debt & Equity

RXR secures $97M from Bank OZK for Atlantic Station

RXR Realty has secured $97.5 million through Bank OZK to fund construction of the second phase of it Atlantic Station development in Stamford, CT.

JLL arranged the floating rate construction loan for the luxury mixed-use residential and retail property’s next phase.

MIKE TEPEDINO

Already 325 luxury rental units along with 321 on-site, structured parking spaces and 16,000 s/f of retail have been delivered and experienced strong leasing velocity.

The 26-story second phase of the Atlantic Station project will consist of 325 condo-quality units, approximately 48,000 s/f of retail and a 534-space structured parking garage.

The retail component is 100 percent pre-leased to three tenants: The Learning Experience, Work Well Win and Dogtopia.

In addition to the views and brand-new construction, the amenity package for Phase II includes a 24-hour staffed lobby, a fitness center with floor-to-ceiling glass, resident lounge, outdoor landscaped deck and an elevated swimming pool deck. Units will feature nine-foot ceilings, balconies, hardwood floors, stainless steel appliances, stone countertops, and in-unit washers and dryers.

Atlantic Station Phase I and Phase II are located at 355 Atlantic Street and 405 Atlantic Street, respectively.

The development is within walking distance to the Stamford Transportation Center, which provides access to New York’s Grand Central Station within 45 minutes via the Metro-North Railroad as well as Amtrak and ConnDOT for connectivity to regional destinations.

In addition, the development is within a half mile of Interstate 95 and near a Harbor Trolley stop for local transportation. Completion is expected in 2021.

The JLL Capital Markets team representing RXR Realty included executive managing director Mike Tepedino, senior managing director Michael Gigliotti and director Scott Findlay.

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